The Legal 500

Clifford Chance is ‘a strong player’ with ‘a very good practice’, and is ‘always attracting big deals’. Carlos Hernández-Canut and Alberto Manzanares lead the restructuring team, which advised a syndicate of Spanish and foreign banks (including Citibank, Banco Santander, Crédit Agricole, Société Générale, Natixis, ING, and Bankia) on the €4.9bn refinancing of Sacyr through the sale of Repsol shares. Íñigo Villoria leads the insolvency practice, which is advising trade creditor Aegis Group on the insolvency of various members of Nueva Rumasa. It is also acting for a shareholder on the Martinsa-Fadesa insolvency.

Cuatrecasas, Gonçalves Pereira is ‘one of the main players’, with ‘a deep client base’. NH Hoteles, Sanyres, Fuentemed, 3i and Álvarez Beltrán are among those clients which have sought debt restructuring advice. The team has also been advising some of Martinsa-Fadesa’s shareholders on its bankruptcy proceedings, and advised Spanish listed company Fergo Aisa on cancelling bankruptcy proceedings against it. Grupo Carneus and football team Real Zaragoza instructed the firm in insolvency proceedings. Javier Castrodeza is the key contact.

Garrigues ‘clearly belongs in the top tier’ . It continues to advise Mediapro on its insolvency, and on the debt refinancing of its parent company, Imagina. The team recently began advising various lenders with aggregated claims of €160m following the voluntary insolvency of a highway concessionaire. The team also acted for construction company Puertas Norma during its insolvency proceedings and is now negotiating its reorganisation plan. It is also advising Spanish confectioner Fiesta on its voluntary insolvency. Antonio Fernandez heads the team, which also includes Borja García-Alamán and Adrián Thery.

Uría Menéndez’s team is ‘absolutely proactive’ and ‘great at negotiating and giving advice’. Recent mandates include advising 20 financial institutions on restructuring the debt of listed machinery company General de Alquiler de Maquinaria, and advising BNP Paribas Fortis on the insolvency proceedings of The Chic Corporation Worldwide, owner of Marco Aldany. It has been acting for High Tech Hoteles on its debt restructuring, and is advising Banco Santander on a number of non-performing real estate loans. Sebastián Sáenz de Santa María has ‘a brilliant way of working’, and Alberto Núñez-Lagos Burguera is also recommended.

Allen & Overy’s key highlights included assisting Société Générale as security agent in the restructuring of DinoSol’s debt, and advising Banco Espirito Santo, Banesto and CCM on the debt restructuring of global machinery company Gebomsa. Insolvency-related instructions came from Barclays, Bancaja and Bankia. Ignacio Ruiz-Cámara, Antonio Vázquez-Guillén and Borja Fernández de Trocóniz are recommended.

Ashurst LLP has ‘strong banking and finance capabilities’, and is well versed in real estate. It recently advised Barclays and other banks on amendments to the €2.2bn debt restructuring of Grupo San José. Jesús Almoguera is ‘very precise in his evaluations’, ‘clear and rigorous’, and the ‘client-oriented and proactive’ Juan Hormaechea has ‘deep knowledge of the market’. Jose Christian Bertram is also recommended.

DLA Piper LLP’s ‘strong team’ is ‘excellent’ at restructuring. It is acting for Nozar in insolvency proceedings, a construction company with assets worth €953m and liabilities totalling €1.5bn, and is acting for The Chic Corporation Worldwide in its bankruptcy proceedings. Javier Díaz-Galvez, Luis Martin and Álvaro Lobato are recommended.

Freshfields Bruckhaus Deringer’s ‘excellent and committed team’ provides ‘speedy responses’, and has ‘excellent understanding of clients’ businesses and great experience in similar situations’. It has handled debt restructuring for Metrovacesa, and Commerzbank and Airbus are among clients advised on insolvency matters. Iñaki Gabilondo and Vicente Sierra head the practice, and Ana López is ‘very strong in financing and negotiations’, as well as being ‘very hardworking with good execution and communications skills’.

Gómez-Acebo & Pombo Abogados is rated for its ‘deep knowledge’ and ‘commitment to the client’. Its ‘very good insolvency practice’ has been acting for a syndicate of banks led by BBVA in the insolvency of four subsidiaries of Grupo Interbon-Unop. Other mandates included advising a group of lenders – led by Novagalicia, Bankia, Banco Popular, La Caixa, and Ibercaja – on the debt refinancing of Quabit Inmobiliaria. José María Älvarez is the main contact.

Linklaters’ team is ‘pragmatic, proactive’ and ‘keen to avoid a lengthy legal process’. Real estate expert Rafael Molina and insolvency specialist Francisco Málaga are very highly regarded. The group advised Bank of America Merrill Lynch (in its position as adviser to the FROB), the Spanish Deposits Guarantee Fund (FGD), and the Bank of Spain, on the €21.8bn restructuring of Banco CAM. It also acted for Telepizza on an amendment and extension to its €591m senior facilities agreement.

Broseta Abogados is ‘very well known, having acted in some big cases’. It is defending CaixaBank as a creditor of the bankrupt Madrid-Toledo Highway, and is assisting Ezentis Infraestructuras with its insolvency proceedings. Santiago Hurtado is recommended.

CMS has ‘broad expertise and accurate knowledge of how to run syndicated restructuring transactions’. The team, which is ‘fully dedicated’ and provides ‘quick responses’, is currently advising Deoleo, Banesto and BNP Paribas, among others. Juan Ignacio Fernández Aguado is recommended.

Herbert Smith Freehills LLP advised RBS on Mediapro’s bankruptcy, and subsequently advised on the debt restructuring of its parent company, Imagina. Ignacio Echenagusia is ‘very competent’ and ‘always follows up on queries’. Managing partner Alvaro Sainz is also active in this area.

Lupicinio Abogados International Attorneys is acting for Bankia in litigation over the classification of claims arising from a CMOF (the Spanish equivalent to an ISDA master agreement). It is also representing Bankia in claw-back litigation started by insolvency administrators against the client, along with BBVA and Banco Popular. Amadeu Blasco is recommended.

Perez-Llorca’s robust real estate practice is regularly instructed on related restructuring matters. The practice includes banking and finance partner Fernando Quicios and head of dispute resolution Félix Montero.

Roca Junyent’s ‘very experienced’ team has been advising Promodico and Spanair on insolvency proceedings. Barcelona-based Joan Antoni Borràs heads the practice.

Simmons & Simmons LLP advised Grupo Abaco as the debtor in the insolvency proceedings of its parent company and seven subsidiaries. Andrés Mochales is experienced in insolvency proceedings, litigation, arbitration, and bankruptcy.

Ventura Garcés & López-Ibor, Abogados’ team is ‘always available’ and ‘extremely competent and capable’. It is advising Grupo Núcleo on its application for insolvency, including a refinancing agreement with a bank syndicate, and also provided pre-insolvency advice. Claudi Garcés has experience in company takeovers in distressed circumstances nationally and internationally.