The Legal 500

Clifford Chance’s dual expertise in finance and litigation positions it neatly as a key player in insolvency and restructuring. Carlos Hernández-Canut recently advised Cableuropa and ONO on restructuring a €3.6bn bank facility, and advised a syndicate of lenders including RBS on Inmobiliaria Colonial’s second restructuring. Insolvency expert Iñigo Villoria’s recent mandates include that of Lábaro. Creditor work included advising HSH Nordbank on Viajes Marsans’ insolvency, and a trade creditor of the Nueva Rumasa companies.

Cuatrecasas, Gonçalves Pereira is familiar with high-profile proceedings, including advising the shareholders on Martinsa-Fadesa’s insolvency and advising ING Real Estate Finance on restructuring of a syndicated credit facility and certain bilateral facilities granted to Inmobiliaria Colonial. It advised Habitat on corporate recovery, and Grupo Sando on its €2.1bn global debt restructuring. Javier Castrodeza heads the practice.

Garrigues is recommended for its ‘knowledge and expertise, practical vision and proactive approach’. The team ‘works hard and takes a lot of care’, giving clients full confidence. It is advising on Mediapro’s insolvency, and on the refinancing of its parent company Imagina. It is also acting for three of Viajes Marsans’ main financial creditors including Banco Santander. Practice head Antonio Fernandez, Adrián Thery and Borja García-Alamán are recommended.

Uría Menéndez is ‘very good’ in restructurings, and advised a group of banks on Reyal Urbis’ refinancing to complete a major mixed-use real estate project. It represented Morgan Stanley in Marinsa-Fadesa’s insolvency proceedings, where the client was owed €300m. Other highlights included acting for Banif in refinancing and restructuring Inmobiliaria Juan Bravo 3’s €160m debt, which was granted to enable the construction of a building in Madrid. Alberto Núñez-Lagos Burguera and Sebastián Sáenz de Santa María are recommended.

Allen & Overy is ‘very well connected with relevant professionals in this particular area’, and is often a preferred adviser on ‘complex insolvency procedures and related subjects’. In 2011, the team advised a group of financial institutions on Mediapro’s insolvency proceedings and represented a syndicate of banks on the restructuring of Noriega Group, which was eventually declared insolvent. Lead partner Antonio Vázquez-Guillén ‘combines great experience and knowledge with real commitment to the client’, and associate Javier Castresana is ‘a very solid lawyer with great potent’.

Ashurst LLP is advising Accor Hoteles España on the Viajes Marsans insolvency, and recently advised Barclays Bank on the Reyal Urbis debt restructuring. This ‘very responsive group of lawyers is always available, friendly and willing to help’, and provides ‘superior English-language advice’. Jose Christian Bertram is ‘commercially minded with great industry knowledge’. Jesús Almoguera heads the corporate and restructuring and insolvency groups, and is also recommended.

Freshfields Bruckhaus Deringer has considerable experience in real estate restructuring, and advised Metrovacesa on the Spanish and English law implications of the €6bn debt restructuring of a Spanish real estate company; and acted for Reyal Urbis on the restructuring of a large Spanish developer. The team was also active in bank restructurings, advising CajAstur on its acquisition of Caja Castilla-La Mancha. Insolvency work included advising Amadeus on Viajes Marsans’ insolvency. Iñaki Gabilondo and Vicente Sierra head the group.

Gómez-Acebo & Pombo Abogados ‘gives advice in a very professional way’. It has been advising Martinsa-Fadesa and subsidiaries on insolvency proceedings and debt restructuring. The team also advised a lender syndicate led by Banesto on Gestair’s debt restructuring, and another group of lenders led by Caja Madrid on restructuring Filmax Group’s bank debts. ‘Brilliant’ practice head José María Álvarez is recommended, as are Francisco Peña and Maria José Paz-Ares.

Linklaters has solid experience in equity and debt restructuring. It advised Dinosol Supermercados’ creditors on its indebtedness and transfer of ownership from Permira. Nomura instructed the firm when it was advising the Bank of Spain on the sale of Cajasur as part of a restructuring process. Insolvency work included advising an industrial investor on the potential distressed acquisition of Newco, and continuing to represent King Sturge in two insolvency proceedings. Pedro de Rojas, Rafael Molina and Francisco Málaga are recommended.

Santiago Hurtado heads the department at Broseta Abogados, for which recent mandates include advising Primera División football club Levante Utd on voluntary insolvency. Other clients include Colortex.

CMS Albiñana & Suárez de Lezo’s four-partner practice displays ‘terrific knowledge’. It advised SOS Cuetara on insolvency issues, and also acts for Caja Madrid. Juan Ignacio Fernández Aguado heads the group.

Álvaro Lobato heads DLA Piper’s three-partner team, which has been expanding rapidly with work for financial institutions and corporations. It is advising the trustees of Nozar following its insolvency.

Herbert Smith LLP is advising RBS on the restructuring of Imagina’s Group debt, and Grupo Empresarial Ence in insolvency litigation. Alvaro Sainz and senior associate and litigator Javier Carvajal are recommended.

Lupicino Abogados International Attorneys’ practice is led by León Barriola in Madrid and Amadeu Blasco in Barcelona. The team has been advising Bank of Scotland on the insolvency and restructuring of a real estate developer.

Perez-Llorca was involved in debt restructuring and refinancing of Inmobiliaria Urbanitas, advising the company on financing, security and insolvency and pre-insolvency matters. It is advising Banco Pastor on the Aifos bankruptcy. Fernando Quicios and Félix Montero are the main contacts.

Simmons & Simmons LLP recently advised Grupo Abaco on insolvency proceedings relating to its parent company and seven subsidiaries, with debts totalling over €250m. It is advising two branches of the UniCredit Group on closure of operations in Spain. Practice head Andrés Mochales has considerable experience of insolvency and litigation proceedings, and Carlos Jiménez de Laiglesia’s expertise includes corporate recovery and restructuring. Álvaro Muñoz is an experienced banking and regulatory lawyer.

Ventura Garcés & López-Ibor, Abogados is acting for GE Capital in relation to a potential $15m claim by Futura’s receivers, as well as pursuing a claim for the same client following the insolvency of LTE International Airways. Other clients include GE Engine Leasings and JT Power. Claudi Garcés, Ricard Gené and Marta Gil de Biedma are the practice’s key partners.