Firms To Watch: Restructuring and insolvency

Fieldfisher JAUSAS‘ restructuring and insolvency practice was rebuilt in 2021 under the leadership of practice co-heads Tomás Nart and Cristina Asencio, based in Barcelona and Madrid, respectively. The team has experience of acting as court-appointed administrators in large-scale insolvency proceedings.
Led by managing partner Davinia Sánchez and of counsel Armando Betancor, restructuring and insolvency boutique Kepler Karst is highly experienced in handling complex insolvency proceedings. The team acts for both creditors and debtors in mandates, and acts as court-appointed administrators.
Abraham Nájera Pascual is a key contact at Lesayra, which was established in September 2020 and has been kept busy handling debt refinancings and restructurings. The team frequently acts for prominent Spanish banks.
Counting major Spanish banks among its clients, Squire Patton Boggs has extensive experience in debt restructuring transactions and insolvency proceedings, with significant expertise in cross-border matters. Manuel Mingot and Fernando González are the key contacts.
Watson Farley & Williams LLP‘s newly launched restructuring and insolvency practice is led by dispute resolution head Victor Mercedes, who joined the firm in July 2022. Mercedes has extensive experience in insolvency litigation and advising on the sale of business units as part of insolvency proceedings.

Restructuring and insolvency in Spain

Allen & Overy

Allen & Overy stands out for its ‘high level of technical knowledge‘. The team acts for an impressive client roster of major Spanish banks, international credit institutions and alternative investment funds on restructuring and insolvency matters. The team is particularly experienced in cross-border matters, with a solid track record in handling UK and Spanish schemes of arrangement, US Chapter 11 proceedings and debt-for-equity swaps. The practice is jointly led by Javier Castresana, who is highly regarded for his expertise in representing creditors in domestic and international restructurings and insolvencies; Jimena Urretavizcaya, who advises on pre-insolvency debt restructurings and the acquisition of distressed assets and non-performing debt portfolios; Juan Hormaechea, who specialises in the sale of non-performing loans; and Ignacio Ruiz-Cámara.

Practice head(s):

Javier Castresana; Jimena Urretavizcaya; Juan Hormaechea; Ignacio Ruiz-Cámara

Other key lawyers:

Sofía Sánchez-Calero; Lara Ruiz


‘A high level of technical knowledge and a willingness to solve clients’ problems.’

‘Javier Castresana demonstrates trustworthiness and knowledge, as well as availability.’

‘Lara Ruiz shows enthusiasm and preparedness.’

Key clients

Farallon Capital

Deutsche Bank







Davidson Kempner

Work highlights

  • Advised Farallon on the restructuring of the existing debt of Hoteles Marina d’Or through a Spanish scheme and a subsequent challenge by minority creditors.
  • Assisting Sareb with its €741m claim against the insolvent company Reyal Urbis.


Cuatrecasas‘ practice has extensive experience of advising both creditors and debtors on, among other areas, the restructurings of major Spanish companies (including cases with cross-border elements), distressed lending, insolvency proceedings and distressed M&A. The client roster includes well-known domestic companies, banks and an increasing number of international funds. Practice head Ignacio Buil, who divides his time between London and Madrid, focuses on restructuring, with an emphasis on creditor-side work. Patricia Álvarez and insolvency specialist Fedra Valencia are key contacts in Madrid. In Barcelona, Antonio Carreño, Javier Sánchez and Javier Castrodeza are noted practitioners, particularly for large-scale insolvency proceedings.

Practice head(s):

Ignacio Buil

Other key lawyers:

Antonio Carreño; Javier Castrodeza; Francisco Pérez-Crespo; Patricia Álvarez; Fedra Valencia; Carlos Ara; Javier Sánchez; Rosa María Gual; Francisco Marzá; María Lérida

Key clients





















Work highlights

  • Advising El Corte Inglés on refinancing its bank debt.
  • Advising Assured Investment Management, KKR, HSBC and Signature Bank on the €528m restructuring of Abengoa and its affiliates.
  • Advising COEMAC on the insolvency proceedings of the company and its subsidiaries.


Garrigues has an excellent reputation in the Spanish restructuring and insolvency space. The client roster includes prominent domestic banks and companies in the shipping, infrastructure, hospitality, retail and healthcare sectors. Distressed M&A matters are included in the team's workload. Practice head Adrián Thery specialises in both restructurings and insolvencies, and is sought after for his expertise in handling instructions involving a change of control. Borja García-Alamán is an expert in restructurings, insolvency matters and distressed M&A, while Juan Verdugo is noted for his solid track record in handling refinancings of distressed companies, loan-to-own transactions and cross-border insolvencies. Juan María Jiménez specialises in acting for domestic and international creditors in insolvency mandates.

Practice head(s):

Adrian Thery

Other key lawyers:

Borja García-Alamán; Juan Verdugo; Juan María Jiménez; José Manuel Fariñas


‘Juan Verdugo is a benchmark in all pre-insolvency or insolvency situations. What makes him stand out is his vast experience, clarity when presenting his advice, extremely high level of technical knowledge, and constant evolution and training. He also has a very good relationship with foreign funds.’

‘Good communication and support throughout the process. The ability to negotiate forcefully in the interests of clients.’

‘It is a team that is dedicated and willing to achieve the best results for the client, regardless of the time it takes. There is close collaboration on the part of the team, demonstrating good relationships with the client and a real interest in the problems raised. They are proactive at all times and follow up on operations. The quality of the work is remarkable, as well as its effectiveness.’

‘They are distinguished by their involvement in the matter. They make the professional relationship a personal one, so from the beginning they are an indispensable support. In the same way, their agility in handling cases as well as in obtaining answers is formidable.’

‘The personal involvement and treatment of the case/situation as his own is what has made us very comfortable working with Juan Verdugo. He has not limited himself to a legal opinion but has contributed ideas and his enormous experience in other key areas such as the approach to negotiations, the search for alternatives to the main actions, the consideration of different scenarios, and so on.’

‘Excellent technical knowledge not only of the Spanish bankruptcy regulations, but also at the level of comparative law, which allows them to bridge the existing gaps in Spanish law with what is indicated in other more advanced legal systems in bankruptcy legislation, something that is highly valued in the courts.’

‘It is worth noting the prestige they enjoy in the market, both at the judicial level and among other competing firms, which means that their opinions and suggestions are always taken into account. I would like to highlight Adrian Thery and José Manuel Fariñas.’

‘The team stands out for its experience, professionalism and, above all, closeness with clients. We would especially like to highlight on this occasion the professionalism, dedication and great work of Juan María Jiménez and his team. The matter on which they advised us was technically complicated but they have been able to solve each of the problems that we have encountered and propose the best strategies to achieve a good outcome. Thanks to Juan María’s experience and advice, the matter has concluded in a very satisfactory way for our company.’

Key clients

Naviera Armas S.A., Bahía de las Isletas S.L.U. and others

Ben Oldman European Asset-Backed Lending, S.A.

SAREB (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A.)

Zurich Insurance PLC

Liberty Mutual Insurance

Zurich North America


AIG Puerto Rico


Atlantic Specialty Insurance Company

RLI Insurance Company

Zurich Insurance, PLC Niederlassung für Deutschland

Joh. Friedrich Behrens AG

Cerberus Capital Management (and Gescobro Collection Services, S.L.)

Advent International

Obrascón Huarte Laín, S.A (OHL)

Fiserv Inc

Corsán Corviam Construcción, S.A. (CCC)

Adveo Group International, S.A. and its subsidiaries

Banco Santander, S.A.

Thomas Cook Spain

Monedo Spain (Kreditech)

Oquendo Capital

Mondelez España Services

Ebro Foods

VGP Group


Work highlights

  • Assisting Spanish shipping company Naviera Armas with its restructuring process.
  • Assisted a subsidiary of Advent with an offer for the purchase of more than 80 dental clinics, involving more than 800 employees.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo‘s ‘extraordinary‘ team stands out for its expertise in advising lenders on major restructurings and handling high-profile transactions in the Spanish market; large-scale insolvency proceedings are also prominent in the group’s workload. Miguel Lamo de Espinosa leads the restructuring side of the practice, and other key contacts include Rafael Aguilera, London-based Ferran FoixSantiago Gómez-Acebo and newly promoted partner Paula Zarzalejos. Contentious insolvency matters are led by Rodrigo López, with support from Irene Arévalo, who made partner in January 2022.

Practice head(s):

Miguel Lamo de Espinosa; Rodrigo López

Other key lawyers:

Rafael Aguilera; Ferran Foix; Santiago Gómez-Acebo; Irene Arévalo; Paula Zarzalejos; Antonio Ramírez; José Antonio Gómez Calafat


‘An unbeatable team who are always available to meet the needs of the client. In terms of technical ability, in my experience they are the best in the area of restructuring. They adapt to complex situations and are always in search of solutions. They are very fast when preparing documents, but the standard is also impeccable. Without a doubt they are a safe bet and the firm that gives me the most confidence.’

‘The people who make up the team are exceptional, both in their personal treatment of clients and in their technical abilities. Rafael Aguilera and Paula Zarzalejos should be highlighted as being especially outstanding. They have my total trust.’

‘All of my experiences with the team over the last few years have been successful. They are very committed, always helping to solve any complication in the processes. They are involved at all times and always participate in meetings with the different parties, contributing their ideas and resolving any obstacle that arises.’

‘Gómez-Acebo & Pombo has an extraordinary restructuring and insolvency team that offers the client the best advice to address these complicated situations with rigour and professionalism, finding sophisticated and highly technical solutions. The partners are committed to the client and actively participate in the entire process, offering all their experience to find the best solution of the problem. It is undoubtedly a leading team that positions this firm among the most outstanding practices in this area of law.’

‘In addition to his in-depth knowledge of insolvency matters, Rodrigo López demonstrates an extraordinary capacity for coordinating and getting involved in all aspects of the process. Irene Arévalo shows great commitment to the client.’

‘The team stands out for its experience in similar matters and agility in managing cases.’

‘Technical knowledge and flexibility.’

Key clients

Banco Bilbao Vizcaya Argentaria – BBVA

Banco Popular

Banco Sabadell

Banco Santander

Bank of America




Goldman Sachs

JP Morgan

Abanca (formerly Novacaixagalicia)

Davidson Kempner

Triodos Bank NV, S.E.

Oak hill


Work highlights

  • Advised the ad hoc group of bondholders on the Spanish law aspects of the refinancing and restructuring of the financial debt of Grupo Codere.
  • Advising an ad hoc committee of shareholders on the refinancing of Celsa.
  • Advising a group of lenders on the refinancing and restructuring of Tubos Reunidos’ debt.


Linklaters‘ ‘excellent‘ team stands out for its experience in advising on leading Spanish corporates' restructurings, and drawing upon its strength in English and Spanish law to assist with domestic and cross-border transactions. The group is also active in advising international investors, corporates and banks on restructurings and transactions involving distressed assets in the real estate sector, as well as large-scale insolvency proceedings. English law partner Ben Crosse, who is global co-head of the firm’s banking practice, leads the restructuring team with Francisco Sáinz-Trápaga and banking head Juan Barona, while Borja Fernández de Tróconiz heads up the insolvency department.

Practice head(s):

Francisco Sainz-Trápaga; Ben Crosse; Juan Barona; Borja Fernández de Trocóniz

Other key lawyers:

Begoña Martínez; Luis Valdenebro; Sara Arrainz


‘An excellent team with the ability to manage complex issues in a transaction, providing valuable contributions for clients.’

‘Excellent work by Francisco Sainz-Trápaga and Sara Arriaza.’

‘Excellent technical knowledge of Spanish and English bankruptcy regulations. Given that many financings are subject to English law, the mix of knowledge of Spanish and English legislation makes their advice some of the most complete that the market offers.’

‘In addition to their excellent technical knowledge, they have the ability to understand the characteristics of the sector or company they advise. I would like to highlight Ben Crosse.’

‘The restructuring and insolvency team is the example of what a client looks for in a firm of the stature of Linklaters: absolute excellence. They are the leaders in the sector thanks to their very high level of technical expertise, but they are also astute and brilliant negotiators, they seek commercial solutions to complex problems and, above all, they know how to put themselves in their client’s shoes.’

‘Francisco Sainz-Trápaga, Ben Crosse and Sara Arriaza stand out.’

Uría Menéndez

Uría Menéndez stands out for its ‘experience and knowledge‘ across a wide spectrum of restructuring and insolvency matters, including debt refinancing, distressed M&A, insolvency proceedings and out-of-court restructurings. In addition, the team frequently assists Spanish financial institutions with the sale and acquisition of non-performing loans and real estate assets. Practice co-heads Carlos de Cárdenas Smith and Ángel Pérez López have extensive experience in high-profile restructurings, including transactions with cross-border elements. Other key names to note include Sebastián Sáenz de Santa María, Barcelona-based Eduardo Geli, Luis Jiménez, insolvency litigation expert Javier Yáñez and counsel Javier Rubio Sanz.

Practice head(s):

Carlos de Cárdenas Smith; Ángel Pérez López

Other key lawyers:

Ángel Alonso; Sebastián Sáenz de Santa María; Manuel García-Villarrubia; Eduardo Geli; Javier Yáñez; Luis Jiménez; Antonio José Moya; Javier Rubio Sanz


‘I would like to highlight the specialisation and flexibility of this team.’

‘Personal service, experience and knowledge. In addition, they are involved on the business side, helping a lot in decision-making beyond the legal field.’

‘The added value of the firm is the lawyers, who are professionals in the field and willing to work together with clients. They are always accessible and create a sense of trust.’

‘Sebastián Sáenz de Santa María, Javier Yañez and Luis Jiménez stand out for their exceptional service, deep knowledge of the issues, superb treatment of clients and great availability.’

‘What sets them apart is their professionalism, their knowledge and their readiness to resolve any issues that are raised quickly and diligently.’

‘Eduardo Geli is an excellent lawyer with extensive experience who always provides us with the added value that these types of negotiations need.’

‘Excellent and meticulous work. This Uría Menendez team provides outstanding advice.’

‘Ángel Pérez López and Raquel Yannone have excellent knowledge and experience in this area.’

Key clients

Banco Santander

Crédit Agricole





Lone Star

The Odeon Group (Cinesa Compañía de Iniciativas y Espectáculos, S.A.)

Abanca Corporación Bancaria

Grupo Cajamar

Tubos Reunidos, S.A.

Banco de Sabadell

Instituto de Empresa


MCH Private Equity Fund.

Cerealto Siro Foods

Clifford Chance

The 'very solid' team at Clifford Chance is experienced in advising creditors and debtors on high-profile restructurings and insolvency proceedings. The team counts domestic and cross-border matters as core strengths, and is also active in transactions involving distressed companies. Eduardo García, who heads the firm's global financial markets department, leads the restructuring side of the practice. Other key contacts include Epifanio Pérez, the 'exceptional' Rodrigo Uría and counsel Felipe Font. Iñigo Villoria heads the insolvency practice, with key support from senior associate Alexandra Borrallo.

Practice head(s):

Iñigo Villoria; Eduardo García

Other key lawyers:

Epifanio Pérez; Rodrigo Uría; Felipe Font; Alexandra Borrallo


‘Very good knowledge of the subject matter.’

‘A very solid team with great knowledge of the restructuring and insolvency practice area. Their work is very organised and this gives clients a feeling of security about the management of these files, which in most cases are very complex. I fully trust the team, who are always seeking to contribute ideas and solutions.’

‘The team members are great lawyers and very committed to their work. Always available to assist and provide the best service. I would like to highlight Felipe Font, with whom I have had the pleasure of being able to work on several projects. I have always had a very good experience.’

‘The team stand out for their specialist knowledge, technical credibility and effectiveness. They give you confidence in their advice. They have extensive knowledge of the subject and are very up to date with the regulatory changes. They get to know their clients well so they can adapt advice to their requirements. Good management of resources, immediate responses and the ability to resolve issues.’

Reliability and technical strength with great knowledge of the client. The best customer service. Rodrigo Uría and Felipe Font are exceptional.’

‘The team is very professional, experienced and solid. Having them on board is an asset.’

‘Both Eduardo Garcia and Felipe Font have a deep understanding of restructuring and insolvency matters. Eduardo is a seasoned professional with a lot of experience. Felipe is an outstanding lawyer with strong legal skills. Working with both of them is a great opportunity to learn from professionals with a lot of experience.’

Key clients

Angelo Gordon



Banco Santander

King Street

Strategic Value Partners





ING Bank

Raiffeisen Bank International

Amsterdam Trade Bank

Magnetar Capital

Pepe Jeans

Bank of America Merril Lynch International DAC

Varde (Vía Celere)

Blackstone (Fidere)

Eurona Wireless Telecom/Global Satelite Technologies

Work highlights

  • Advised Angelo Gordon and Westmont Hotels on the pre-pack acquisition of Spanish hotel group Room Mate, following the insolvency declaration and completion of the company’s restructuring.
  • Advised the Codere Group on the restructuring round which resulted in a change of the ownership structure.
  • Advised a global investment manager on the €157m refinancing of Hotels & Resorts Blue Sea group’s debt.

Latham & Watkins LLP

Latham & Watkins LLP's practice stands out for its strength in cross-border restructurings, acting alongside the firm's international offices on a number of high-profile recent transactions. The team, which assists a wide range of creditors, debtors and investors, is also active in complex debt refinancings, distressed M&A and insolvency litigation. Practice head Pedro de Rojas is a highly regarded practitioner, with an excellent track record in handling multi-jurisdictional restructurings. Ignacio Gómez-Sancha has expertise in advising listed companies on restructurings, Fernando Colomina handles the financing side of complex restructurings, and Óscar Franco is a specialist in insolvency litigation.

Practice head(s):

Pedro de Rojas

Other key lawyers:

Ignacio Gómez-Sancha; Óscar Franco; Fernando Colomina; Luis Sánchez; Carmen Alonso


Pérez-Llorca's team is highly regarded for advising major Spanish banking institutions, investment funds, and national and international companies on the creditor and debtor side of major restructurings and insolvency proceedings. Debt refinancing, company liquidations and transactions involving distressed assets are also key drivers of work for the group. Juan Oñate takes the lead on complex restructuring matters, while Javier García Marrero is sought after by financial entities for advising on complex insolvency proceedings and the insolvency aspects of M&A transactions. Cosme Colmenero and Laura Ruiz are key practitioners to note.

Practice head(s):

Juan Oñate; Javier García Marrero

Other key lawyers:

Laura Ruiz; Cosme Colmenero; Fernando Quicios; Julio Parrilla; Pablo Sánchez-Navajas

Key clients


New Balance

Distribuidora Internacional de Alimentación



Gordon Brothers


Banco Santander


Banco Sabadell



Royal Caribbean

Caja Rural de Almendralejo







Work highlights

  • Advising Bankinter, as the main financial creditor of Barcelona Projects, the company which owns the Hotel Juan Carlos I in Barcelona, on the hotel’s restructuring process.
  • Advised the Royal Caribbean Group on the insolvency proceedings of the companies of the Pullmantur Group, of which Royal Caribbean owns 49%.
  • Advising Novagrup Property Developments on its insolvency proceedings.

DLA Piper

The restructuring practice at DLA Piper is highly experienced in assisting financial institutions with cross-border transactions, and is increasingly active in advising international funds on investments in distressed debt and non-standard financial solutions. The team also acts for buyer-side clients in distressed M&A deals, advises borrowers and lenders on nonperforming loan matters, and represents insolvent parties and creditors in insolvency proceedings. Juan Gelabert and corporate practice head José María Gil-Robles are the key contacts on the restructuring side. Borja De Obeso, who leads the litigation and regulatory department, is instructed in insolvency work.

Practice head(s):

Juan Gelabert; José María Gil-Robles; Borja de Obeso

Key clients


Goldman Sachs

Banco Santander



Work highlights

  • Advising CDPQ, ING Bank and Deutsche Bank on the financing (made under English law) granted to Spanish company Atrys Health, S.A. for a partial refinancing of debt.
  • Advised Goldman Sachs as arranger and a pool of purchasers on the financing and refinancing of Futbol Club Barcelona, granted through a series of note purchase agreements.
  • Advising Banco Santander, S.A. and a syndicate of lenders on a financing provided to Grupo Logístico Sesé, S.L. for refinancing existing debt.


Noted its 'deep and up-to-date knowledge' of restructuring and insolvency law, the Barcelona-based group at DWF-RCD focuses on advising debtors on restructurings, refinancings and insolvency proceedings. The firm has an excellent track record in acting as insolvency administrator in some of the most high-profile insolvency litigation in Spain, and fields expertise in local, international and cross-border proceedings. Jordi Albiol leads the team, which was reinforced at partner level with the promotions of Cristian Valcárcel and Bernard Afonso in July 2022. Senior associate Albert Díaz is a name to note.

Practice head(s):

Jordi Albiol

Other key lawyers:

Cristian Valcárcel; Bernard Afonso; Albert Díaz


‘Taking for granted their deep and up-to-date knowledge, their dedication, support, focus and honesty set them apart.’

‘They are always offering alternatives and advising us honestly and realistically. I always recommend Jordi Albiol and his team.’

‘Jordi Albiol and Bernardino Afonso should be highlighted. Both fulfil that need for commitment and collaboration that these business crisis situations require.’

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's 'spectacular' team has a strong track record in handling large cross-border debt restructurings, often leveraging the firm's strong international network. Refinancings, acquisitions of distressed debt and creditor-focused insolvency litigation are other key areas of instruction. The client base includes prominent domestic and international companies and financial institutions, and energy, infrastructure, real estate and healthcare are recognised sector strengths. Nicolás Martín heads up the practice; other key practitioners include Armando García-Mendoza, Javier De Carvajal, who specialises in insolvency proceedings and distressed transactions, and senior associates Carmen Jara and Marta Rey.

Practice head(s):

Nicolás Martín

Other key lawyers:

Armando García-Mendoza; Jaime de San Román; Javier de Carvajal; Miguel García Casas; Carmen Jara; Marta Rey


‘The HSF team is spectacular, with deep and up-to-date knowledge of the practice area combined with great client support at all stages of the process.’

‘Quality in dealing with the details of the case and honesty in practice.’

Key clients

Kunshan Technology Investment (HK)

Banco Santander

Banco de Sabadell


Abengoa Abenewco 1

Oaktree Capital Management

Bain Capital

Vía Célere




Actividades Logísticas Centralizadas

Arbuthnot Latham


Barclays Bank

Cristian Lay

Alten Energías Renovables

Work highlights

  • Acted for Kunshan Technology Investment (HK) and Southwind Group as shareholders on the debt restructuring and recapitalisation of Mediapro Group.
  • Advised Banco Santander, Banco de Sabadell and Caixabank on an international restructuring transaction, regarding the global debt of the companies within the Naviera Armas group.
  • Advising Abengoa on the restructuring of its financial indebtedness and the financial indebtedness of other group companies.


The ‘highly sophisticated‘ team at ONTIER primarily acts for debtors, but is also experienced in assisting creditors. The practice is well known for handling large-scale debt restructurings and high-value insolvency litigation. The client base includes major domestic banks and companies from sectors such as shipping, real estate and construction, mining and energy, telecoms and healthcare. Practice head Bernardo Gutiérrez De La Roza, Eutimio Martínez Suárez and José Luis Luna are key practitioners. The team was bolstered by the arrival of counsel Maria Luisa Tortosa in April 2022.

Practice head(s):

Bernardo Gutiérrez de La Roza

Other key lawyers:

Eutimio Martínez Suárez; José Luis Luna; Daniel Rodríguez Ruiz de Villa; María Luisa Tortosa


‘A highly sophisticated practice. They practice law in a way that meshes well with the US model of practice, their research and analysis are rigorous, they are practical and pragmatic, and they provide advice efficiently in a manner that builds confidence.’

‘Bernardo Gutierrez de la Roza and José Luis Luna are extremely smart, with great judgement and great analytical skills, and are able to provide very sophisticated advice that is user friendly.’

‘The team stand out for their understanding the cases and the client. They have extensive experience and the skills to deal with the issues and tasks that we entrust to them. We have been working with ONTIER for several years now and the result has always been positive: they do not exceed the budget, the team has experience and knowledge, and it is worth mentioning that we have asked them for help in complex matters and we have always felt calm and confident. The Ontier team give us a lot of confidence. They are always innovating and proposing new work tools and information management to make things more efficient.’

‘They have experience, ability, perseverance and come up with suggestions in conflict resolution. But what is noteworthy is our trust in the team – they stand out for their innovation, determination and experience, but our trust in the people working with us and the peace of mind they give us is invaluable.’

‘The team has knowledge and experience in the specific practice area and in the sector where we operate. José Luis Luna and Maria Luisa Tortosa stand out for their client service, involvement in all aspects of the case, dedication, search for alternatives and proposal of solutions to the problems that arise, and their attention to detail and the quality of the work carried out.’

Key clients

Antonio del Valle and other Mexican investors

Dentix Health Corporation, S.L.U.

Duro Felguera, S.A.

Portocarrio Valores, S.L.

Petrolífera de Transportes, S.L.

Real Sporting de Gijón, S.A.D.

Coordinadora Internacional de Cargas, S.A.

Grupo Surave

Van Oord Ship Management, B.V.


Modultec, S.L.

Construcciones y Promociones Coprosa, S.A.

Hulleras del Norte- Sepi

Biogas Fuel Cell, S.A.

Urbar Ingenieros, S.A.

Presidio Iberia, S.L.

Solazoque, S.L.

Laboratorio de Prótesis Dental Alchi, S.L.


Imasa, Ingeniería y Proyectos, S.A.

Work highlights

  • Advised Imasa Ingeniería y Proyectos, S.A. on the restructuring of the Imasa Group’s working capital facilities.
  • Provides ongoing assistance to 10 Mexican investors in the insolvency proceedings of Banco Popular, of which they were the major shareholders.
  • Assisting Grupo Dentix with ongoing pre-insolvency proceedings, negotiation of refinancing and restructuring processes, and presentation of the application for insolvency proceedings in several international subsidiaries.


With offices in Madrid, Barcelona, Valencia and Sevilla, as well as the support of its global network, Andersen is well positioned to handle insolvency proceedings for clients across Spain. The team is well known for representing insolvent parties, and has solid expertise in acting for companies in the real estate and construction sectors. Managing partner in the Madrid office Javier Mata leads the practice, with support from the Valencia-based managing partner Benjamín Prieto.

Practice head(s):

Javier Mata

Other key lawyers:

Benjamín Prieto; Ana Ferrando


‘The Andersen team is very efficient, fast and clear in its communications and actions.’

‘The team is up to date with regard to legal developments, both from a theoretical and a practical point of view.’

‘Javier Mata and Ana Ferrando are excellent in terms of client service and legal skills.’

‘The team is very professional and meticulous, analyses the different options very well, and advises the client to help them reach best decision. They have a lot of empathy with the client. They are flexible with billing and collection, and adapt to the circumstances of the company. I feel like they are part of our in-house team – they make everything very easy and understandable and are friendly in their approach. They are great.’

‘Benjamín Prieto and his team stand out for their personal service, full dedication, availability, knowledge, and the way in which they analyse and agree on approaches and decision making.’

Key clients
















Work highlights

  • Assisted Assignia Infrastructuras with its insolvency proceedings.
  • Advised Grupo Peyber on a wide range of matters concerning its insolvency proceedings.
  • Provides ongoing advice to MAG Import on all stages of its insolvency proceedings.

Ashurst LLP

Ashurst LLP's team is active in pre-insolvency matters, including refinancings and distressed M&A matters, and formal insolvency proceedings, with noted expertise in cross-border work. Non-performing loan issues and transactions involving portfolios owned by real estate entities have also been prominent in the group's recent workload. Jorge Vázquez heads up the department; José Christian Bertram, who specialises in financial restructurings and refinancings, and José Antonio Rodríguez, who handles insolvency litigation, are also noted.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; José Antonio Rodriguez; Cristina Calvo; Ismael Fernández Anton; Alberto Manzanares

Key clients

Barclays Bank PLC


Goldman Sachs

KKR Credit Advisors (EMEA) LLP

US Bank


Chenavari Credit Partners


Deutsche Bank

LynxCap Group


Work highlights

  • Advised Wingspire Capital on the refinancing of an asset-based lending loan to Fox.
  • Advising KKR Credit Advisors on the acquisition from Banco Sabadell of a portfolio of non-performing and re-performing loans and REOs.

Baker McKenzie

Between its offices in Madrid and Barcelona, Baker McKenzie handles prominent restructuring and insolvency proceedings in Spain, with a strong track record in representing creditors. The team also assists with debt refinancings and distressed M&A. Madrid-based José Luis Yus is very experienced in acting as an insolvency administrator, and Rossanna D’Onza advises on restructurings and non-performing loan transactions. Counsel Laura Camarero acts on complex insolvencies.

Practice head(s):

José Luis Yus; Rossanna D’Onza

Other key lawyers:

Laura Camarero; Rocío González


‘The team stand out for their absolute control of the matter as well as of the judicial process and their total coordination with the client’s in-house team, with great clarity about the decisions to be adopted.’

‘They are capable of making the layman understand the risks, the options and the best decisions in an agile and effective way. They make even the most complicated things easy.’

Key clients

Alvarez & Marsal

Hoteles Tecnológicos, S.A.

Procasa Promociones y Obras, S.A.

Electronic World Products International, S.A. (EWPI)

Work highlights

  • Representing Alvarez & Marsal in the ongoing insolvency proceedings of Abengoa.
  • Acting for Alvarez & Marsal Europe Ltd in a claim against Corsan Corviam Construcciones SAU and Grupo Isolux Corsán, S.A., two companies within the Isolux group which is under insolvency proceedings, concerning outstanding fees owed to the client.

Ceca Magán Abogados

Ceca Magán Abogados' practice focuses primarily on handling complex domestic insolvency proceedings, however the team is also noted for its expertise in refinancing matters and acting as court-appointed administrators. The group counts real estate and construction work as key areas of strength. José Carlos González Vázquez heads up the practice, in which department manager Raúl Villarín is a key contact.

Practice head(s):

José Carlos González Vázquez

Other key lawyers:

Raúl Villarín


‘José Carlos González has been in the sector for many years and has a strong presence and reputation in it. José Carlos is a great professional, with extensive experience not only as a legal adviser, but also as a bankruptcy administrator, which allows him to have a broad perspective.’

‘Under the leadership of José Carlos González, the firm has a new presence in the market. With him, I am sure that Ceca will be able to position itself as one of the preferred advisers for debtors when it comes to restructuring their debt.’

‘The firm has a high level of technical quality. It is medium-to-large sized but the partners are very involved in the case, which means their responses are dynamic and prompt.’

Key clients










Work highlights

  • Advised Witte y Sola on the refinancing of its debt and obtaining new financing.
  • Acted as the insolvency administrator of Autobuses Urbanos del Sur SA.
  • Acted as the court receiver of Jesus Ignacio Salazar Bello, the former CEO of SOS Cuétara.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo specialises in insolvency matters and acts in many high-profile proceedings in the Spanish market, however the team also has expertise in handling debt restructurings and refinancings and distressed transactions. The team represents both debtors and creditors in restructuring and insolvency mandates; the client base includes major domestic and international banks and infrastructure concessionaires. Juan Ignacio Fernández Aguado, who is highly regarded for his expertise in insolvency litigation, leads the practice, supported by senior associate Elisa Martín Moreno.

Practice head(s):

Juan Ignacio Fernández Aguado

Other key lawyers:

Guillermo Muñoz-Alonso; Elisa Martín Moreno; Marta González Araña

Key clients

Chamartín La Grela and Inmobiliaria Chamartín

Grupo ITEK

Haitong Bank and Novo Banco

Portobello Capital Fondo IV FCR, S.A.

Ibercaja Banco, S.A.

Engie Group

Abanca Corporación Bancaria, S.A.

Banco Santander

Tayara Corporate, S.L.

MGO By Westfield

Creativa 360, S.L.

Grupo Casabella Proyectos Inmobiliarios

Work highlights

  • Advised Haitong Bank and Novo Banco on the insolvency proceedings of Spanish toll roads including Ciralsa, Radial 3 & Radial 5, Madrid-Toledo, Eje Aeropuerto and Radial 2.
  • Advised Portobello on the refinancing of the Cartera Vivanta group, an investee of the client, as part of a complex restructuring process valued at €200m.
  • Advised Chamartín La Grela, a subsidiary of Inmobiliaria Chamartín, and Inmobiliaria Chamartín on its involuntary insolvency.

Hogan Lovells International LLP

Hogan Lovells International LLP's practice is sought after by creditor and debtor clients for its expertise in handling complex insolvency proceedings, often including international elements. Other key areas of strength for the group include restructuring matters and advising on the acquisition of distressed assets. Newly appointed managing partner in Madrid José Luis Vázquez and Alfredo Barona are noted for assisting prominent Spanish and international financial institutions with restructurings. Litigation and arbitration head Gonzalo Ardila and Jon Aurrekoetxea, who made partner in January 2022, advise on contentious insolvency proceedings.

Practice head(s):

José Luis Vázquez; Alfredo Barona; Gonzalo Ardila; Jon Aurrekoetxea

Other key lawyers:

Alejandro González; Eugenio Vázquez


‘We would like to highlight the team’s proactivity and fixed billing.’

‘Quick responses, agility, ease, simplicity.’

Key clients

Caixabank, S.A.

Renewable Power International

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)

Banco Santander, S.A.

Imaginarium, S.A.

JP Morgan Limited

Deutsche Bank Aktiengesellschaft, London Branch

BNP Paribas

Bankia, S.A.

J Almoguera Abogados

A boutique firm specialising in restructuring and insolvency matters and dispute resolution, J Almoguera Abogados is well known for its expertise in representing international hedge funds, national and international banks, and large corporate clients in out-of-court arrangements and insolvency proceedings. In particular, the firm stands out for its prominent role in high-profile recent insolvency claims relating to the concessions of two toll roads in Madrid. Jesús Almoguera is the key contact in the practice, with support provided by associates Eduardo Vázquez De Prada, Mónica Zarzalejos and Carlos González Pulido.

Practice head(s):

Jesús Almoguera

Other key lawyers:

Eduardo Vázquez de Prada; Mónica Zarzalejos; Carlos González Pulido


‘Jesús Almoguera is an exceptional lawyer and Carlos González Pulido has a great future ahead. Both have a very high level of technical ability and great focus on the issues.’

‘In addition to their deep technical knowledge, the team are capable of coming up with imaginative solutions to achieve the client’s objectives. Their availability, flexibility and the way they tailor their advice is extraordinary. They have a great ability to communicate and negotiate.’

‘Jesús Almoguera is an excellent lawyer, thanks to his knowledge of Spanish and foreign legislation in the procedural and bankruptcy fields. He always delivers in any case. The same goes for Eduardo Vázquez de Prada and Carlos González.’

Work highlights

  • Representing a group of high-profile hedge funds in several judicial proceedings against the sponsors and guarantors of the concessionaires of different toll roads in Madrid.
  • Advising a leading global provider of agency and trustee services, as an agent, on the syndicated loan granted to a financially distressed major European group.
  • Designated as a restructuring and insolvency expert in an international arbitration in the US administered by the International Centre for Dispute Resolution.

Jones Day

Jones Day has a strong track record in handling complex debt restructurings and high-value insolvency proceedings and litigation. Domestic and cross-border mandates are prominent in the group's workload. The client base includes major investment banks, private equity firms and credit funds, and the team is well versed in representing creditors, debtors, directors, shareholders and distressed investors. Practice head Juan Ferré has established strength in acting for companies in the aviation, manufacturing, automotive, real estate and construction sectors in insolvency and restructuring matters.

Practice head(s):

Juan Ferré

PwC Tax & Legal Services

With offices across Spain, PwC Tax & Legal Services is highly experienced in advising on complex domestic insolvency proceedings, with particular expertise in acting as court-appointed administrator in high-profile cases. Restructuring matters are another key driver of work for the team. Based in Madrid, practice head Manuela Serrano advises national and international banks, investment funds and companies on insolvency matters. Málaga-based Nicolás Molina is well known for acting as an insolvency administrator.

Practice head(s):

Manuela Serrano Sánchez

Other key lawyers:

Nicolás Molina García; Juan Antonio Martínez Blánzquez; José Antonio Peñafiel; Macarena Lobato Aragón


‘The service so far has been excellent, thanks to the extensive experience they have due to their participation in several of the most important bankruptcy proceedings in the country. They have extensive experience and knowledge of all legal issues related to insolvency proceedings and the liquidation of companies in bankruptcy, as well as a large team always available to assist the client with any requirement.’

‘Our main contact person in the office is Nicolás Molina García. Since throughout his career he has handled multiple bankruptcy proceedings, some quite important, he has extensive experience in this field as well as extensive technical and legal knowledge. I would also like to highlight the availability and good client service of both Nicolás Molina and his team. José Antonio Peñafiel Tienda and Macarena Lobato Aragón are also lawyers with extensive experience, despite their youth, and are fully available and always attentive to everything we may need.’

‘PwC has a multidisciplinary team that includes some lawyers from a litigation background and others with more of a restructuring background, and also includes auditors and economists. This distinguishes them from other firms that carry out bankruptcy administrations. They are a very well-rounded team able to manage insolvency administrations.’

Key clients

Room Mate, S.A.

Accesos de Madrid Concesionaria Española, S.A.

Ciralsa S.A. Concesionaria del Estado

Grupo Polaris

Thomas Cook

AIFOS, Arquitectura y Promociones Inmobiliarias, S.A.

Bosques Naturales, S.A.


Codere, S.A.

Alazor Inversiones, S.A.

Fomento de Inversiones las Marías S.L.

Eme Compañía de Seguridad e Ingeniería y Mantenimiento, S.L.

Grupo Empresarial La Cañada, S.A.

Market Integra, S.L

Alcoranda, S.A.


Newry Global Media, S.L.

Shamrock Events, S.L.


Toscares, S.A.

Work highlights

  • Acted as court receiver of Accesos de Madrid (R-3 and R-5 motorways).
  • Acted as court receiver of Room Mate, S.A.
  • Acted as court receiver of Grupo Polaris.

Ramón y Cajal Abogados

Noted for its solid expertise in representing both creditors and debtors, Ramón y Cajal Abogados' practice has an excellent track record in handling debt restructurings, refinancing agreements, creditors' rights and board liability issues. The team is also sought after for its strength in acting as court-appointed insolvency administrators. Javier Menchén heads the restructuring side of the practice, in which Amado Giménez and Cándido Pérez are key contacts; Ramón Fernández-Aceytuno takes the lead on insolvency matters, supported by Carmen Fernández-Hontoria and Luis Briones.

Practice head(s):

Javier Menchén; Ramón Fernández-Aceytuno

Other key lawyers:

Amado Giménez; Carmen Fernández-Hontoria; Luis Briones; Cándido Pérez; Diego Gabarain


‘The team stands out for its accessibility, client service, availability, industry knowledge and rapid identification of problems and search for solutions.’

‘I would like to highlight Ramón Fernández-Aceytuno for his knowledge, availability, close communication, client service, level of involvement in the case and ability to analyse the effects of the possible legal risks assumed.’

‘High level of knowledge of bankruptcy law, restructuring plans and the dynamics of multilateral negotiations. They compare favourably with other firms, especially in terms of price and client service, accessibility and availability.’

‘They stand out in the clarity of their recommendations – they do not shy away from talking about issues that involve different interpretations, and they are very accessible and close to clients when working. Amado Giménez and Diego Gabarain stand out.’

Key clients



José Sánchez Peñate

Ortiz Construcciones y Proyectos

Banco Santander


EDP España

Bankinter Investment

Kartesia Securities



Grupo Decosystem



MAN Energie Solutions

Hidronorte Energía

Work highlights

  • Representing Gesternova in its insolvency proceedings.
  • Acting for Ortiz Construcciones y Proyectos in complex proceedings before Commercial Court No 5 in Madrid relating to the sale of a productive unit.
  • Representing a banking syndicate, formed of Banco Santander, BBVA and Corporación Abanca, in the restructuring of the debt of Plaza de España flagship stores, including the world’s largest Zara store, owned by Inbest SOCIMI.

Simmons & Simmons

Simmons & Simmons‘ ‘extraordinary‘ team has extensive expertise in insolvency proceedings, with notable strength in handling court-sanctioned refinancing agreements. Other key areas of instruction include restructurings and distressed debt transactions, including the sale and acquisition of portfolios of non-performing loans. The department is well known for assisting entities in the financial services sector. Practice head Santiago Hurtado has solid experience in acting as an insolvency administrator; managing associate Javier Royo is also a key name.

Practice head(s):

Santiago Hurtado

Other key lawyers:

Javier Royo


‘The team is made up of lawyers who combine complementary knowledge and experience, which results in an excellent quality of service.’

‘The level of involvement shown has been exceptional; they respond perfectly to our requirements despite the pressure. The team has delivered on time, doing a job of unbeatable quality and getting along wonderfully with the internal team.’

‘The firm has an extraordinary team and also has the best technological tools to deal with the milestones of the matters, not only in terms of cost forecasting, but also (and this is essential) from the point of view of the control and monitoring of the planned deadlines. Additionally, they have made and continue to make notable progress in everything related to ESG standards which are of critical importance.’

Key clients

Compañía Española de Financiación del Desarrollo (COFIDES), S.A., S.M.E

Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria S.A. (Sareb)

Autopista Madrid-Toledo Concesionaria Española de Autopistas



Natwest (RBS)

Santander Factoring Confirming

Banco Santander

Banco de Sabadell S.A.

Work highlights

  • Advised COFIDES on a multimillion-euro financing provided by a Spanish fund for the recapitalisation of companies affected by the Covid-19 pandemic.
  • Acted for Autopista Madrid-Toledo Concesionaria Española de Autopistas as insolvency administrator during the liquidation of the company.