Business · Companies · 13 hrs ago
Konecta seeks debt deal after missing interest payment
Konecta, Spain’s largest call-center company, missed an interest payment of about €44 million on its debt.
More than 50 funds and banks lent the company €1.1 billion, and they are now negotiating its future with owner ICG.
Konecta has proposed that lenders take ownership in exchange for cancelling about €800 million of debt and reducing interest on what remains.
The creditors have accepted a delay in payment until mid-December, but they say ICG should take responsibility and do not want to own the company themselves.
More than 100,000 workers are affected, including about 20,000 in Spain, though Konecta is still operating normally.
The call-center business faces pressure from artificial intelligence, and negotiations are expected to continue in the coming weeks.
Konecta has missed an annual interest payment of about €44 million and is negotiating with creditors over its debt.
The Spanish call-centre company has proposed that creditors take ownership in exchange for cancelling about €800 million of debt.
More than 50 funds and banks have lent the company €1.1 billion, according to financial sources cited by Cinco Días.
Creditors have agreed to defer collection of the interest while negotiations continue until mid-December.
Konecta continues to operate normally and employs more than 100,000 people, including about 20,000 in Spain.
- Who
- Konecta, its owner ICG and its creditors, including more than 50 funds and banks.
- What
- Konecta missed an annual interest payment of about €44 million and proposed a debt restructuring.
- When
- The company notified creditors the week before November 9, 2026.
- Where
- Spain. Konecta is described as the country’s leading call-centre company.
- Why
- The company said it could not pay the interest. The article cites pressure from AI and strategic decisions as context for its financial difficulties.
Konecta’s owner ICG
Konecta’s creditors
Ownership
Konecta’s owner ICG
Konecta proposed that creditors take ownership in return for cancelling about €800 million of debt.
Konecta’s creditors
Creditors do not want to take ownership and say ICG should take responsibility for the company’s future.
Responsibility
Konecta’s owner ICG
The company said the parties were seeking a solution in the company’s best interests.
Konecta’s creditors
Creditors argue that the owner led the company to the brink of bankruptcy and should guarantee its future.
Konecta told creditors it could not pay about €44 million in annual interest and hired Houlihan Lokey and A&O Shearman as advisers.
Konecta proposed that creditors take ownership in exchange for cancelling about €800 million of debt.
Creditors agreed to defer collection while negotiations continued.
- Annual interest payment
- About €44 million
- Debt owed to lenders
- €1.1 billion
- Proposed debt cancellation
- About €800 million, or around 60%
- Employees
- More than 100,000 worldwide; about 20,000 in Spain
- Negotiation period
- Until mid-December
What people are saying
Any proposal that is considered will focus on strengthening the company’s financial position and supporting the continued execution of its transformation plan.
If there is one thing the banks are clear about, it is that they do not know how to run a company and that whoever brought it to this point must resolve the situation.