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Drawing on experts from its banking and litigation teams, Clifford Chance provides a ‘high quality level of service’. On the insolvency side, Íñigo Villoria is singled out for his ‘expert advice’ and ‘great knowledge of litigation and insolvency procedures and the court’s latest practices’. Carlos Hernández-Canut is the main contact for restructuring, while Stuart Percival handles the English law finance aspects. The team recently advised the ad hoc committee of bondholders on Abengoa’s €20bn restructuring; and on the debtor-side it, represented Erosk in its €3bn restructuring.

Led by Javier Castrodeza, Cuatrecasas’ nine-partner team has four partners dedicated to insolvency while the remainder focus on debt restructuring. The firm acts for borrowers and lenders, and recently advised Bankia, BBVA and other lenders in relation to various Spanish toll road insolvencies. On the borrower side, it is advising Iberostar Group on its €930m debt restructuring. Key partners include Fedra Valencia and Manuel Follia.

Garrigues will miss the expertise of Antonio Fernández Rodríguez, who has now retired, but the experience and reputation of partners such as Adrián Thery, Juan Verdugo and Borja García-Alamán ensure the firm remains involved in the country’s largest insolvencies and restructurings on a regular basis. The firm is especially well known for advising debtors and is currently advising Marme Inversiones, owner of Santander’s ‘Ciudad Financiera’ headquarters in its €3bn insolvency proceedings.

Linklaters has a well-balanced practice that is called upon by borrowers and lenders on some of the markets largest restructurings and insolvency proceedings. On the borrower side, the firm’s work for Abengoa on its massive multi-jurisdictional multibillion-euro restructuring is a clear high point. Pedro de Rojas heads the excellent team, which was boosted on the litigation side by the arrival of Borja Fernández de Trocóniz from Allen & Overy. The firm also benefits from the presence of UK partner Ben Crosse for international restructurings and schemes of arrangement.

Uría Menéndez’s ‘unbeatable’ seven-partner practice is distinguished by the ‘speed and precision of its answers and its 24/7 availability’. The firm has a lead role advising the lenders on the huge Abengoa restructuring. On the asset-purchase side, the firm advised Goldman Sachs and TPG Capital on the €800m acquisition of a portfolio of non-performing loans from Caixa Bank. The ‘creative and experienced’ Alberto Nuñez-Lagos brings the ‘highest level of expertise’; he co-leads the team with Sebastián Sáenz de Santa María.

Allen & Overy has ‘deep knowledge of insolvency proceedings’, and a strong track record advising lenders on major restructurings. Following the arrival of Juan Hormaechea from Ashurst LLP the team is doing an increasing amount of work for hedge funds and other junior lenders. It recently advised the lenders regarding the restructuring of Martinsa-Fadesa’s debt, the largest insolvency in Spanish history. Key partners include Jimena Urretavizcaya, on the finance side, and ‘outstanding’ litigator Antonio Vázquez-Guillén.

Freshfields Bruckhaus Deringer operates at ‘a high level’ and has been involved in some of the market’s largest restructurings and insolvencies. The team recently acted for a group of Spanish banks on the large restructuring of Pescanova, and also advised Deutsche Bank on the financing of Blackstone’s acquisition of several mortgage loan portfolios from Caxiabank and Sareb. Key partners include Vicente Sierra on the insolvency side, and Iñaki Gabilondo for restructuring.

Gómez-Acebo & Pombo Abogados’ six-partner team is co-led by insolvency head Francisco Peña and restructuring head Miguel Lamo de Espinosa (who has a ‘top commercial approach’ and is a ‘good manager of client expectations’). The team is praised for its ‘high technical skills’, and recently acted for Banco de Madrid on its voluntary insolvency proceeding. It also advised a syndicate of lenders, led by Banco Sabadell, Deutsche Bank and Bybrook Capital on the €200m refinancing of Natura’s debt.

Ashurst LLP’s strong practice has a ‘wide technical knowledge and always adapts to the necessities of the client’. The team advised the creditors on the €1.45bn insolvency of Promociones Habitat in what was the first major creditors’ voluntary arrangement to reach the Spanish courts. The ‘calm and determined’ Jorge Vázquez heads the practice; finance partner Jose Christian Bertram has a ‘strong understanding of the client’s needs’; and Javier Hernández Galante has ‘strong tax expertise’.

Baker McKenzie offers ‘exceptional’ expertise and ‘customer service’. Victor Mercedes heads the insolvency side, while restructuring is led by Fernando de la Mata. The firm acts for numerous banks and has recently been involved in several fund-related restructurings. Recent matters include advising Bankia on the €1.2bn sale of a secured credit portfolio to Oaktree and Chenavari.

Disputes partner and ‘bankruptcy expert’ Juan Ignacio Fernández Aguado heads the insolvency team at CMS Albiñana y Suárez de Lezo, while finance partner Rafael Suárez de Lezo is highly experienced in restructuring and refinancing. The team has ‘excellent strategic and practical vision’ and recently advised Chamartin La Grela, a subsidiary of Inmobiliaria Chamartin, on its compulsory insolvency proceedings.

DLA Piper LLP enjoys a strong reputation in the market and the domestic practice works closely with the firm’s other international offices, as illustrated on its advisory role to Abengoa on its insolvency the US. Another major instruction came from King Street Capital Management regarding the restructuring of Realia Business’ €730m debt. Ignacio Gómez-Sancha heads the highly regarded team.

Jausas is well respected in the market, and is praised for its ‘knowledge, expertise and depth.’ The ‘extraordinary’ Agustin Bou is ‘hugely respected for his depth and experience’. The firm recently advised family-owned real estate investment company Argenta, on its €47m insolvency.

Herbert Smith Freehills LLP is active in the energy, infrastructure, healthcare, and real estate sectors. Recent mandates include advising Oaktree Capital Management on the €740m acquisition of a non-performing portfolio of Spanish and Portuguese real estate loans from FMS Wertmanagement. Key partners include Gonzalo Martin de Nicolás and Álvaro Sainz.

Hogan Lovells International LLP provides ‘high-level service’ and recent headline work includes advising the Unsecured Creditors Committee of Abengoa and Abeinsa on their related insolvency proceedings. Department head José Luis Vásquez covers the restructuring side; while on the litigious side, counsel Bernardino Muñiz has ‘high technical capability’ and ‘availability’.

Pérez-Llorca has worked on several significant toll-road insolvencies, and also advised on the major bankruptcy proceedings of real estate developer Bami. London-based restructuring partner Fernando Quicios and disputes head Félix Montero jointly lead the team.

Ramón y Cajal Abogados’ ‘well prepared’ practice group is divided between the ‘quick and intelligentRamón Fernández-Aceytuno for insolvency and litigation, and Javier Menchén for restructuring and finance. The two teams regularly work together, as was the case in the recent €350m restructuring of the property developer Riofisa.

Joan Antoni Borràs Abós heads the team at Roca Junyent, which acts for a mix of creditors, debtors and investment funds and is often called upon to act as insolvency administrator. Recent clients include state entity SAREB and Columbus Frontiers Investment Management.

Simmons & Simmons LLP’s experienced team includes disputes head Andrés Mochales who leads on insolvency matters, and finance partner Álvaro Muñoz on the restructuring side. A recent highlight involved advising RBS on issues relating to the insolvency of Marme Inversiones.

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