This good news adds up to the recent refinancing of bank debt and the increase in current financing lines. The figures will go from 103.43 million euros of net debt on June 30, 2016 (plus a 10 million injection by BTC in September), to 56.41 million after the capital increase. It is a reasonable debt at a moment when shareholders increase their support to Carbures by converting their credits into shares.
After this operation, Black Toro Capital became the majority shareholder and the maximum creditor of the Company, with a 49 percent stake. This has been BTC’s main investment in Spain, 50 million euros in Carbures. On the other hand, Rafael Contreras, Executive Chairman of the Company, will have an 8.75 percent stake of Carbures’s capital.
Ramón Betolaza, Managing Partner of Black Toro Capital, affirms: "A strong commitment to the Company, we want to demonstrate that we have come to stay for a long period of time." Rafael Contreras appreciates this stability, as it "guarantees the plan designed by Carbures for the upcoming years".