Deutsche Bank, Goldman Face Celsa in Court Over Debt Conversion

Investors including Deutsche Bank AG and Goldman Sachs Group Inc. face off Grupo Celsa in a Madrid court on Wednesday, the latest step in a battle to strip the Spanish steelmaker of legal protections obtained at the height of the pandemic crisis.

A group of investment banks and funds asked a judge to review a ruling that stopped them from exchanging 1.5 billion euros ($1.7 billion) of convertible debt into equity, according to people familiar with the matter, who asked not to be named because they aren’t authorized to talk about it. The judgment came in October 2020 after the ...