Restructuring and insolvency in Spain
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 Carreño, Javier Castrodeza and Fedra Valencia are recommended.
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 Thery, Juan 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 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 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.
Herbert Smith Freehills LLP
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.