Restructuring and insolvency in Spain

Clifford Chance

The 'top-notch' Clifford Chance has a 'fully committed team' on both the restructuring and insolvency sides. Recent highlights include advising HSBC and the other members of the lenders’ syndicate on the €3.3bn debt refinancing of media group Prisa. It also assisted Noatum Maritime with obtaining a credit facility for the amount of €91.3m granted by a syndicate of banks to refinance the group’s debt. Banking and finance expert Carlos Hernández-Canut has 'great negotiating skills', and dispute resolution partner Iñigo Villoria and senior associate Alexandra Borrallo are recommended for insolvency matters.


Cuatrecasas handles bankruptcy, refinancing and restructuring matters and also acts as insolvency administrator. It advised El Corte Inglés on the €1.65bn refinancing of the financial debt of the company. On the bankruptcy side, it assisted the concessionaire Autopista Madrid-Toledo with the voluntary bankruptcy proceedings of the A-41 highway. Antonio CarreñoJavier Castrodeza and Fedra Valencia are recommended.

J&A Garrigues SLP

J&A Garrigues SLP provides 'rapid responses to complex questions'. Traditionally acting on the debtor side, it assisted Aeropistas with its insolvency and advised Marme Inversiones 2007 on its liquidation procedure within the formal insolvency proceedings. Lender-side clients include BBVA, Santander and several funds. Adrián TheryJuan Verdugo García and Borja García-Alamán co-lead the practice and principal associate Juan Jiménez is recommended.


Linklaters is particularly well known for its real estate restructuring practice. Refinancing work included acting for Altamira on the refinancing of its existing syndicated facilities agreement, and assisting Prisa with the refinancing of its syndicated debt. On the insolvency side, it advised Concesionaria Costa del Sol, which held a public contract for the construction of a new hospital, on its insolvency proceedings. Pedro de Rojas handles banking and finance matters and Francisco Málaga is the name to note for litigation and insolvency.

Uría Menéndez

Uría Menéndez provides an 'all-round service' and 'creative problem-solving skills'. A highlight was assisting financial institutions such as CaixaBank and Santander with the restructuring of Abengoa's debt. Insolvency work included advising Grupo Isolux Corsán on its judicial insolvency proceedings. Ángel Alonso and Sebastián Sáenz de Santa María co-lead the team, which also includes Carlos de Cárdenas Smith and Ángel Pérez López, who has 'sound knowledge and negotiation skills'.

Allen & Overy

Allen & Overy frequently acts for creditors in insolvency proceedings. For example, it advised the financial creditors of Martinsa-Fadesa on reaching the amendment of a composition agreement and on obtaining approval of the liquidation plan. Juan Hormaechea and Jimena Urretavizcaya are the key names on the banking side, while co-managing partner Antonio Vázquez-Guillén and Javier Castresana are the names to note for insolvency matters.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer frequently advises lenders on the refinancing of financial debt. For example, it acted for Bankia, BBVA, Liberbank and other banks concerning the restructuring of Duro Felguera's debt. It also continues assisting Reyal Urbis with its insolvency. Iñaki Gabilondo is 'solution oriented' and Rafael Murillo has dispute resolution expertise.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is recommended for restructuring work. With particular expertise in new money financing and refinancing, it frequently assists lenders such as Banco Madrid and Sareb. Recent work includes advising a syndicate of lenders on the €1.2bn restructuring and refinancing of debt held by Abengoa. The key names are leading lawyer Miguel Lamo de Espinosa and the 'technically very good' Rodrigo López, who has 'good commercial and tactical sense' when acting on contentious matters. Of counsel Irene Arévalo joined from White & Case LLP in January 2018.

Ashurst LLP

Ashurst LLP advised several funds on Reyal Urbis' and - in a separate instruction - Martinsa Fadesa's insolvency proceedings. Jorge Vázquez and José Christian Bertram are 'very responsive' and provide 'clear advice'.

Baker McKenzie

Baker McKenzie frequently advises Spanish companies in financial distress on pre-insolvency proceedings. Víctor Mercedes is the name to note.

DLA Piper

DLA Piper LLP is frequently instructed by funds and recently advised Abengoa on its restructuring plan. Óscar Franco is the key name for insolvency, while Juan Gelabert handles restructuring matters.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's Gonzalo Martín de Nicolás handles restructuring work and Javier de Carvajal insolvency matters. The group recently advised Hotelbeds Group on the restructuring of its destination management business.


Pérez-Llorca recently advised the lenders, including BBVA and Bankia, on the refinancing of debt in the context of Carbures Europe's insolvency. Another highlight was assisting CaixaBank with Grupo Isolux Corsán's insolvency proceedings. Disputes head Félix Montero is the key name and Javier Izquierdo joined from Gómez-Acebo & Pombo in April 2018.

Simmons & Simmons

Simmons & Simmons focuses on advising financial institutions on credit recovery. For example, it assisted Santander with Abengoa Bioenergía's insolvency proceedings. Andrés Mochales and Álvaro Muñoz are the names to note.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo is recommended for cross-border matters. Recent work includes advising construction company Chamartin La Grela on its insolvency. Juan Ignacio Fernández Aguado leads the team.

J Almoguera Abogados

Under the leadership of Jesús Almoguera, J Almoguera Abogados acts for lenders and creditors, including ING Bank.


ONTIER advises domestic companies on voluntary insolvencies. On the creditor side, it assisted Portocarrio with Parque Empresarial del Olivar's insolvency proceedings. Bernardo Gutiérrez de la Roza is a key partner.

PwC Tax & Legal Services

At PricewaterhouseCoopers LegalJulio Ichaso handles insolvency proceedings. For example, the group handled the insolvencies of three companies of the Segur Ibérica group and 11 companies of the Polaris Real Estate Development group.

Ramón y Cajal Abogados

Ramón y Cajal Abogados handles restructurings and debt refinancings. Other work included requesting Zuarti's liquidation, and assisting listed company Neuron Bio with insolvency proceedings. Ramón Fernández-Aceytuno is recommended for handling insolvencies.


Under the leadership of Jordi AlbiolRCD acts as debtors' counsel and trustee in insolvency proceedings.