Firms To Watch: Restructuring and insolvency

Lesayra was co-founded in September 2020 by Abraham Nájera Pascual, who has a broad banking and finance practice and acts in a number of notable restructurings in the market.

Restructuring and insolvency in Spain


The restructuring and insolvency group at Cuatrecasas is spread across its Barcelona, Madrid and London offices and houses experienced advisors to both debtors and creditors. The team is well versed in restructuring large Spain-based capital structures, and is also a popular choice for ad hoc committees of bondholders and lenders. Utilising its London presence, the team also advises international funds that have acquired debt, acted as creditors, or participated in distressed transactions in Spain. Among the main contacts, Ignacio Buil and Antonio Carreño share leadership duties, Javier Castrodeza is a key presence on major restructuring matters, and Fedra Valencia has assisted with some of the market’s most notable insolvencies recently. April 2021 partner appointments Rosa María Gual and Carlos Ara are up-and-coming names to note. In another significant development, Patricia Álvarez joined the firm in January 2022 from Linklaters.

Practice head(s):

Ignacio Buil; Antonio Carreño

Other key lawyers:

Javier Castrodenza; Fedra Valencia; Francisco Pérez-Crespo; Cristóbal Cotta; Javier Sánchez; Carlos Ara; Rosa María Gual; Patricia Álvarez

Key clients

Banco Santander

General de Alquiler de Maquinaria (GAM)

HPS Investment Partners

Azora Capital


Quabit Inmobiliaria


Broadbill Investment Partners


Incar Foods

Scytl Secure Electronic Voting

Endurance Partners

Gerplex (Casa Viva)

Escal UGS (ACS)

Figueras Seating Solutions

Work highlights

  • Advising Broadbill Investment Partners, QP Capital and Dupont Capital on challenging Abanca’s proposed refinancing agreement for Nueva Pescanova.
  • Assisting the ad hoc committee of bondholders with the debt restructuring of OHL group.
  • Advising Scytl Secure Electronic Voting on filing for insolvency proceedings, including the sale of its production unit.


With over a decade as a dedicated department, the restructuring and insolvency department at Garrigues has established itself as one of the go-to teams in the field, acting in complex and cutting-edge restructurings, as well as high-value insolvency proceedings from both the debtor and creditor sides. The team is well versed in a number of sectors, particularly the domestic financial sector. Its instructions frequently include cross-border elements, with practice head Adrián Thery focusing on those with changes of control at stake. Borja García-Alamán is a seasoned insolvency specialist; Juan Verdugo stands out in debt restructuring and insolvency litigation; and Juan María Jiménez has experience in recent key insolvency proceedings in Spain.

Practice head(s):

Adrian Thery

Other key lawyers:

Borja García-Alamán; Juan Verdugo; Juan María Jiménez

Key clients

Naviera Armas


Cruise Yacht 1 & Cruise Yacht Yardco




Cerberus Capital Management

Thomas Cook Spain

Adveo Group International


Monedo Spain

Oquendo Capital


Joh. Friedrich Behrens

Mondelez España Services

VGP Group

Ebro Foods


Work highlights

  • Advising Naviera Armas on a Spanish scheme of arrangement with its lenders, writing off or converting €240m of bonds into equity and providing up to €200m in new liquidity.
  • Acting for a subsidiary of Advent in an offer for the purchase of more than 80 dental clinics, involving more than 800 employees.
  • Advised Cruise Yacht 1 and Cruise Yacht Yardco on a cross-border restructuring in the wake of the pandemic.

Gómez-Acebo & Pombo

The ‘highly professional' restructuring and insolvency team at Gómez-Acebo & Pombo is ‘capable of acting on some of the most complex cross-border transactions involving Spanish companies'. Recent highlight work includes acting for the creditors in the restructuring of multinational steel company Celsa, with advice led by practice co-head Miguel Lamo de Espinosa. His counterpart Rodrigo López stands out for his technical and professional experience', while Rafael Aguilera has significant experience acting for banks. The dual qualified (in New York and Spain) Ferran Foix is a go-to name for foreign clients in Spanish matters, and of counsel Irene Arévalo is a litigator with a focus on insolvency.

Practice head(s):

Miguel Lamo de Espinosa; Rodrigo López

Other key lawyers:

Rafael Aguilera; Ferran Foix; Santiago Gómez-Acebo; Irene Arévalo; Paula Zarzalejos


‘The practice has a very deep knowledge of the sector and the needs and sensitivities of its clients. Additionally, they are endowed with great knowledge from a technical point of view.’

‘Rafael Aguilera is the partner of reference in this practice. Endowed with a high technical capacity and a very important orientation to the business and the needs of its clients. Paula Zarzalejos is serious, hard-working and efficient. She executes with precision and always brings very interesting points of view in all processes.’

‘A highly professional and always available team, with attorneys who support each other to provide immediate coverage for problems that may arise. It is one of the largest law firms in Spain in the management of complicated insolvency situations.’

‘Rodrigo Lopez Gonzalez stands out for his technical and professional experience, and for the follow-up and attention he gives to the procedures and to the client, following and getting personally involved in the evolution of matters until the best solution is achieved. Irene Arevalo González – her extensive experience and great dedication position her as a reference lawyer in her team, who provides great security and solvency in the treatment and solution of insolvency processes.’

‘GAPO is a market-leading full service firm, capable of acting on some of the most complex cross-border transactions involving Spanish companies. They are one of a very small number of firms with the strength and depth of expertise to be able to advise on all aspects of transactions.’

‘Miguel Lamo is an excellent finance and restructuring lawyer and has been at the forefront of complex Spanish restructurings for a number of years. He is exceptionally commercial and capable of translating often complex and obscure issues of Spanish law and making them work with cross-border deals. Ferran Foix is another exceptional member of the team – capable of seamlessly covering finance and restructuring aspects of transactions. He is user-friendly and excellent at client service.’

‘It is the number one team and firm in restructuring and insolvencies. High technical expertise, constant training, effectiveness and efficiency. The team is made up of experts with complementary knowledge in other areas -credit, corporate, litigation- as well as academics and people from the judicial career, making it an imposing and highly qualified team to face any challenge.’

‘Rodrigo López is possibly one of the best insolvency lawyers in the country. To his deep technical knowledge must be added his constant training to be always up to date with legal and jurisprudential developments. He is a person who is very easy to work with.’

Key clients


Banco Popular

Banco Sabadell

Banco Santander

Bank of America




Goldman Sachs

Grupo Codere



Triodos Bank

Oak Hill


Work highlights

  • Advising the ad hoc group of bondholders on the Spanish law aspects related with the 2020 refinancing and 2021 restructuring of the financial debt of Grupo Codere.
  • Assisting Celsa with its restructuring.
  • Advising the lenders on the refinancing and restructuring of the financial debt of Tubos Reunidos in the context of the new financing granted by SEPI.

Uría Menéndez

The ‘top-level lawyers‘ in Uría Menéndez‘s restructuring and insolvency practice assist with the full spectrum of matters, and have acted in a number of first-of-their-kind cases. The team’s client base includes top banks and financial institutions, as well as major domestic companies on the borrower side. Cross-border work is a strength, be it in Europe or Latin America, where the firm has a number of offices it can collaborate with, and the team comprises litigators, commercial and finance lawyers, allowing for broad but specialised assistance. Ángel Pérez López heads the department and other key contacts include Sebastián Sáenz De Santa María and Luis Jiménez, both of whom receive praise from clients.

Practice head(s):

Ángel Pérez López

Other key lawyers:

Carlos de Cárdenas Smith; Ángel Alonso; Sebastian Saenz de Santamaría; Luis Jiménez López; Manuel García-Villarrubia; Raimon Tagliavini Sansa; Javier Yáñez Evangelista; Javier Rubio Sanz


‘Sebastian Saez de Santamaría: his total availability, his professionalism and ability to contribute new ideas.’

‘Clients need a global office in the restructuring processes. This firm offers this service with top-level lawyers. Additionally, negotiation skills are needed for processes that involve many parties (shareholders, borrowers, operational and financial creditors, etc.), and proactivity to lead the process by anticipating and resolving points of friction. This office offers a well-dimensioned team to meet the needs of the processes.’

‘Sebastian Saenz de Santamaría and Luis Jiménez: Great technical solvency and speed of execution, proactivity in solving open points in contract negotiation, very high availability to serve the client, global vision of the entire operation (very high added value in highly complex processes).’

Key clients


Banco Santander



Banco de Sabadell

Nova Banco

Caixa Popular


Nomen Foods


Crédit Agricole

Instituto de Crédito Oficial

The Odeon Group

Skysea Flyer

Nueva Pescanova

Unicaja Banco

Frux Capital

MCH Private Equity

Allen & Overy

Allen & Overy‘s ‘indispensable‘ team specialises in cross-border insolvency and restructuring issues, covering the full range of options, including US Chapter 11 reorganisations, UK and Spanish schemes of arrangement and debt for equity swaps. Indicative of the wider firm’s strengths, the practice frequently counsels major international and domestic banks, and also acts for a number of hedge funds and institutional investors that are becoming increasingly present in the Spanish market. Leadership is shared by four lawyers: Javier Castresana, whose recent focus has been on Spanish schemes and debt restructuring; expert in pre-insolvency debt restructurings Juan Hormaechea; broad finance specialist Ignacio Ruiz-Cámara; and Jimena Urretavizcaya, who focuses on restructuring, leveraged finance and real estate finance.

Practice head(s):

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

Other key lawyers:

Sofía Sánchez-Calero


‘In the litigious subject in which I move, Javier Castresana stands out for his involvement in the matters and his ability to convey his position in judicial writings.’

‘Their adaptability, knowledge and strength of work make them indispensable to feel that problems are faced with total security.’

‘Javier Castresana is one of the two or three best lawyers in Spain in restructuring and insolvency from all points of view. His teammates accompany him perfectly to form a practically perfect team.’

‘Closeness and disposition.’

Key clients

Deutsche Bank



Davidson Kempner

Burford Capital

Credit Suisse

Grupo Villar Mir (GVM)

El Corte Inglés

Work highlights

  • Assisting Santander, BBVA, CaixaBank, Sabadell, Bankia and Kutxabank with insolvency proceedings against Grupo Adveo.
  • Advised a syndicate of 14 banks, led by BBVA, Santander and Caixabank, on all of the legal aspects of the refinancing and restructuring of Pepe Jeans Group.
  • Advising Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) on its €741m claim against the insolvent company Reyal Urbis.

Clifford Chance

The experienced restructuring and insolvency experts at Clifford Chance are praised for their ‘technical credibility, professionalism, and high performance in specialised advice to the client'. Clients include multinationals in various sectors as well as a host of major international banks and financial institutions, and the team stands out in international matters, having a notable English law component. Eduardo García co-leads the practice and is the firm’s head of global financial markets. Alongside him, Epifanio Pérez and Rodrigo Uría have broad financing expertise, while Iñigo Villoria is the main contact for insolvency work. Alexandra Borrallo and Felipe Font stand out at the senior associate level.

Practice head(s):

Eduardo García; Epifanio Pérez; Rodrigo Uría; Iñigo Villoria

Other key lawyers:

Alexandra Borrallo; Felipe Font; Juan Puras


‘The important thing is that they have experience in previous situations and an overview of the interests of our entity in each matter and collaborate in finding solutions acceptable to all parties. In this, Clifford Chance has proven to be a firm with great experience and knowledge of our operations.’

‘The plus that makes them stand out is the knowledge of the practice and understanding of the operations at a legal and commercial level. I would highlight their ability to negotiate and propose solutions that work for the parties even in the most complex restructuring processes.’

‘Technical credibility, professionalism, high performance in specialized advice to the client. Excellent results, availability, and the best strength, creativity, is key to obtaining the expected results, in its best version of all the options. Impeccability, and high capacity for work and agility. Highlight the didactic and exemplary nature of their advice. Excellent command of the subject. A true example to follow: they provide security, confidence and a guarantee of (good) results.’

‘The people of the team: Rodrigo Uría, Felipe Font, and Juan Puras, authentic references in this matter. Personality, mood, coordination with third parties, technical credibility, and impeccability. Its high capacity to explain and teach the client the contents, alternatives, risks and solutions.’

‘The debt restructuring team at Clifford Chance Madrid stands out for its technical knowledge and its ability to be flexible and skillful in aligning the needs of lenders and their clients.’

‘The CC Chance Team (in our case Epi Perez Felipe Font and Marta Martinez) have many capabilities among them. A great ability to explain complex concepts in terms easy for their clients to understand. Absolute availability for the client .. at any time of any day 24/7 service. Ability to understand our business and negotiate a restructuring contract earned the respect and trust of the lenders lawyers.’

Key clients

Eroski Sociedad Cooperativa


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

Varde (Vía Celere)

Blackstone (Fidere)

Eurona Wireless Telecom

Global Satelite Technologies

Altan Redes

Work highlights

  • Advising Eroski on the €1.5bn restructuring of its financial indebtedness and corporate structure.
  • Acting for Codere group in a restructuring arrangement entered into with an ad-hoc committee of bondholders (in respect of the $300m and €500m New York law governed notes).
  • Advising Banco Santander on the insolvency proceedings of Marme, which was the initial owner of the main office of Banco Santander and in 2008 became the tenant as a result of a sale and lease transaction.

Latham & Watkins LLP

Pedro de Rojas, a renowned senior figure in the market, joined Latham & Watkins LLP from Linklaters in June 2021, taking over leadership of the restructuring and insolvency department. This marks further development for the department, which has grown in recent years and now acts for both borrowers and creditors in some of the market’s most sophisticated cases. Previous practice head Ignacio Gómez-Sancha acts for institutional investors, investment banks and public companies in a range of corporate transactions, while Óscar Franco focuses on insolvency work and Fernando Colomina is the local chair of the finance department.

Practice head(s):

Pedro de Rojas

Other key lawyers:

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

Key clients

Cerberus Capital Management

Apollo Global Management


Bain Capital

Barings UK



King Street


Golden Tree

Work highlights

  • Advising the ad hoc group of bondholders in the restructuring of Naviera Armas.
  • Advised the committee of senior secured creditors of Swissport on its €1.9bn restructuring.
  • Advising Barings on the reorganisation and restructuring of Deoleo’s €575m debt.


Linklaters fields a cross-department group, which acts for professional creditors, investors and their portfolio companies, and distressed debtors and their administrators, in the gamut of restructuring and insolvency issues. Banking practice head Juan Barona is a key figure for debt restructuring and refinancing; English law partner Ben Crosse grants the firm a key advantage in cross-border matters; Borja Fernández de Trocóniz and Francisco Málaga are go-to contacts for litigation; and 2021 partner appointment Francisco Sáinz-Trápaga is a banking law specialist. This group of five jointly coordinate the department after fellow practice co-head Pedro de Rojas left for Latham & Watkins LLP in June 2021. Former counsel Patricia Álvarez left the firm in January 2022.

Practice head(s):

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

Other key lawyers:

David Suárez


‘The Linklaters team has a lot of experience in this type of operation and they know how to identify and organize all the necessary documents and steps, and are very well coordinated with each other (Madrid-London, for example) and with our teams. They are organized to be available for urgent matters, which gives a lot of peace of mind.’

‘I would highlight the accessibility, the ability to synthesize the most relevant issues, the understanding of the business and the client’s needs, the willingness to help with any issue and its dialogue and conciliatory nature (with other firms). The people I work with the most are Francisco Sáinz-Trápaga and David Suárez.’

Key clients

CVC Capital Partners



Banco Santander



Barclays Bank

Cheyne Capital

DK Partners



Clients of Pérez-Llorca‘s restructuring and insolvency departments include debtors, national and international financial institutions, investment and private equity funds and commercial creditors. It has an especially strong insolvency offering, with its advice to Caixabank on the insolvency proceedings of the companies of the Isolux Group being a recent highlight. This was led by the main contact for insolvency matters, Javier García Marrero. Juan Oñate is the name to note on the restructuring side. In recent developments, Cosme Colmenero was promoted to partner in January 2022.

Practice head(s):

Javier García Marrero; Juan Oñate

Other key lawyers:

Félix Montero; Laura Ruiz; Cosme Colmenero

Key clients

Royal Caribbean



Distribuidora Internacional de Alimentación (DIA)



El Ganso

Forus Deporte y Ocio



Work highlights

  • Advising CaixaBank on the framework of the insolvency proceedings of the companies of the Isolux Group.
  • Assisted OHL with the recapitalisation of the OHL group through a progressive reduction of its indebtedness and the strengthening of its capital structure.
  • Advising the Royal Caribbean Group on the insolvency proceedings of the companies of the Pullmantur Group, of which Royal Caribbean owns 49%.

Ashurst LLP

Ashurst LLP fields a ‘technically strong team with a commercial mindset' in restructuring and insolvency, which collaborates with the firm’s teams in tax, corporate, finance and real estate to assist its clients. Pre-insolvency issues have been particularly popular areas of instruction recently, while the team also acts in complex financial restructurings for a client list that includes a range of banks and financial institutions. Jorge Vázquez heads the practice, with support from Jose Christian Bertram and litigator José Antonio Rodríguez.

Practice head(s):

Jorge Vázquez

Other key lawyers:

Jose Christian Bertram; José Antonio Rodriguez; Cristina Calvo; Alberto Manzanares


‘Practical, knows all recent applicable precedents.’

‘Alberto Manzanares: an excellent communicator who knows the restructuring framework very well.’

‘Technically strong team with a commercial mindset.’

Key clients

Barclays Bank


Goldman Sachs

KKR Credit

US Bank


Barclays Bank

Goldman Sachs

Bank of India

Bank of New York Mellon



Work highlights

  • Advising Barclays Bank and Caixabank on the insolvency proceedings of Reyal Urbis.
  • Acted for the Official Receiver of the UK –as well as for Alix Partners and KPMG– as receivers of Thomas Cook in the insolvency proceedings of Thomas Cook group.
  • Assisting KKR Credit Advisors with the acquisition from Banco Sabadell of a portfolio of non-performing and re-performing loans and REOs.

Baker McKenzie

The ‘professionalism' of Baker McKenzie's restructuring and insolvency team ‘is evident in every issue it addresses', and it acts for international and domestic clients in a variety of capacities in the field. The team has a strong base of international clients and is proficient in cross-border work and representation through the duration of restructuring projects and insolvency proceedings. Laura Camarero and Víctor Mercedes are the main contacts for insolvency work in Madrid and Barcelona, respectively, with Rossanna D’Onza in charge of restructuring. The three co-lead the department.

Practice head(s):

Victor Mercedes; Laura Camarero; Rossanna D’Onza

Other key lawyers:

Joaquín Fabré


‘Being a large firm, with many clients and a large volume of work, they make you feel as if you were the only client: personalised, detailed, direct attention. Their already presumed professionalism is evident in every issue they address.’

‘I’d highlight the exceptional work, professionalism and customer service of two people in particular: Laura Camarero and Isabel Pasquau.’

‘It is a close and professional team. They face problems and situations from a practical point of view and try to get as far away from theory as possible.’

‘Professionalism, proximity and practical approach to problems.’

Key clients

Alvarez & Marsal

Siemens Energy


Inverreal Activos

JP Morgan

Pepe Jeans

Work highlights

  • Advising Inverreal Activos on the insolvency proceedings of one of the companies of Dentix group, with which it had a lease agreement.
  • Acting for Alvarez & Marsal in the insolvency proceedings of Abengoa and its potential effect on the amounts to which it is entitled as per the arbitral award.
  • Advising Siemens Energy on the insolvency proceedings of Isolux Ingeniería.

DLA Piper

DLA Piper brings its cross-practice expertise in corporate, banking, finance and litigation to assist in restructuring and insolvency matters on behalf of international financial institutions with stakes in Spain. Juan Gelabert is the resident restructuring expert, recently assisting with the financial matters of several refinancing and restructuring transactions. He co-leads the group with corporate and M&A expert José María Gil-Robles and Borja de Obeso, who specialises in litigation and regulatory advice.

Practice head(s):

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

Key clients


Beech Tree


Blantyre Capital

Bregal Capital


Carlyle Global Credit Investment Management


Avenue Capital

GLG Partners

Holzverpackung Hüfingen

KKR Asset Management

LHT Partners


Sherpa Capital

Springwater Capital

Stellex Capital Management

Sun Capital

Work highlights

  • Advising Banco Santander and a pool of lenders on the refinancing of the debt of El Corte Inglés.
  • Advising companies owned by funds managed by Avenue Capital on the €140m debt restructuring of Quabit.
  • Advising Banco Santander and Abanca as the lenders on four syndicated financings running in parallel aimed at restructuring the Tyche Group’s existing debt.


Noted for its 'splendid professional service', DWF-RCD assists with a range of matters but specialises in insolvency litigations at local, international, and multi-jurisdictional levels. The team has a strong base of domestic clients, while its capacity for cross-border work is elevated by the DWF international network. Experienced insolvency expert Jordi Albiol heads the Barcelona-based practice and is supported by senior associates Cristian Valcárcel, Bernard Afonso and Albert Díaz.

Practice head(s):

Jordi Albiol

Other key lawyers:

Cristian Valcárcel; Bernard Afonso; Albert Díaz


‘Jordi Albiol is an outstanding partner. He is responsible for, and perfectly coordinates, the entire team. Restructuring and insolvencies are multidisciplinary, it is not only commercial, and Jordi understands and responds to both financial and administrative, accounting, questions.’

‘It is a multidisciplinary team in which it is worth highlighting: the high degree of knowledge, ease of information and relationship, reliability of the proposed solutions, exemplary deontological behavior, fees appropriate to their excellence, knowledge of innovative solutions in company restructuring with exact knowledge of European regulations and practical experiences throughout the EU, extensive proven experience in the market.’

‘They know the subject, the environment and the best practices. They have an agenda of all operators and agents in this matter. Jordi Albiol and his team stand out.’

‘I believe that DWF-RC teams present a relevant competitive advantage in aspects such as continuous training, forensic experience and the coordination of various disciplines, when addressing the issue and issue entrusted.’

‘Jordi Albiol is a great, competent and hard-working professional, who has demonstrated a great capacity to resolve bankruptcy proceedings.’

‘They work harmoniously and with excellent results.’

‘The splendid professional service, which is a compendium of all the virtues.’

‘The situations of restructuring and insolvencies are very delicate, tense, of crisis. What the team must convey is trust and responsiveness to in-house attorneys. The DWF-RCD team transfers that trust that is so necessary, and has a team that allows prompt responses.’

Herbert Smith Freehills LLP

International investors with interests in Spain look to Herbert Smith Freehills LLP for advice on corporate, bond and debt restructurings, acquisition of distress debt, disposals, and insolvency proceedings. The firm’s international network makes it a strong choice for cross-border work and the team has experience in a variety of sectors, with energy, real estate, sports and healthcare being some of the more commonly covered. Corporate-focused partner Nicolás Martín, pre-insolvency expert Javier de Carvajal and finance practice head Armando García-Mendoza share leadership of the group.

Practice head(s):

Nicolás Martín; Armando García-Mendoza; Javier de Carvajal


‘They know how to put themselves in the role of the client and give a comprehensive service. Its way of explaining complex issues so that they are understood by all has no comparison with other firms. To all this is added an execution without equal in the market, reaching the objectives set always.’

‘Empathy with the client.’

Key clients

Abengoa Abenewco 1

Barclays Bank

Cristian Lay



Corpfin Capital

Banco Santander

Arbuthnot Latham




Bain Capital

Vía Célere


Work highlights

  • Advising Abengoa on the restructuring of its financial indebtedness and the financial indebtedness of other group companies.
  • Acting for one of the main creditors on the restructuring of the debt of a maritime transport company.
  • Advising Cristian Lay on the refinancing of the existing financial indebtedness of Grupo Gallardo Balboa in the context of its acquisition.


ONTIER's ‘very reliable' insolvency and restructuring department is best known for its advice to debtors but also acts on the creditor side and is a frequent fixture in some of Spain’s largest financial restructurings and high-profile insolvency proceedings. Its sector coverage is broad, with clients including a number of banks, construction companies and healthcare organisations. ‘Excellent negotiatorBernardo Guttiérez de la Roza is practice head and has 20 years of experience defending clients in insolvency proceedings. Eutimio Martínez Suárez and Daniel Rodríguez Ruiz de Villa are further key contacts.

Practice head(s):

Bernardo Gutiérrez de La Roza

Other key lawyers:

Eutimio Martínez Suárez; Daniel Rodríguez Ruiz de Villa


‘They are a very reliable team.’

‘The best thing is that you can trust them. When they take care of an issue they fight it to the end, they look for all the ways to defend the interests of the client and they are reasonable in fees.’

‘Bernardo Gutiérrez de la Roza – Excellent negotiator with solid knowledge.’

‘Clearly pro-active, seeking and providing solutions with autonomy and efficiency. Great ability to find meeting points in negotiations, making them constructive.’

‘They get involved personally, as if the problem were theirs. They are not afraid to argue forcefully with big “opponents” who might be their future clients. Its commitment to the current client is absolute and seamless.’

‘It is a large team with the ability to manage the largest and most complex insolvency proceedings, which covers all the disciplines necessary to be able to deal with these types of processes with solvency and efficiency. Their experience in the field of insolvency gives absolute guarantees of obtaining the best result for the clients they represent. It is one of the best law firms in Spain for the treatment and management of insolvencies and restructuring.’

‘Bernardo Gutiérrez de La Roza: His extensive experience in this area consolidates him as one of the leading lawyers in the insolvency sector at the national level. With the capacity to settle and resolve the most complex issues and negotiations.’

‘Eutimio Martínez Suárez: His extensive knowledge of insolvency law allows him to define the best strategy to tackle the most complex insolvency or restructuring processes.’

Key clients

Dentix Health

Duro Felguera

Portocarrio Valores

Petrolífera de Transportes

Real Sporting de Gijón

Coordinadora Internacional de Cargas

Grupo Surave

Van Oord Ship Management



Construcciones y Promociones Coprosa

Hulleras del Norte – Sepi

Biogas Fuel Cell

Urbar Ingenieros

Presidio Iberia


Laboratorio de Protesis Dental Alchi

Work highlights

  • Acting for more than 10 Mexican investors in the insolvency proceedings of Banco Popular, of which they were the major shareholders.
  • Advising Grupo Dentix on pre-insolvency proceedings, negotiation of refinancing and restructuring processes, and presentation of the application for insolvency proceedings in several international subsidiaries.
  • Assisting Duro Felguera with the refinancing and restructuring of the company’s debt.

Simmons & Simmons

Simmons & Simmons' insolvency and restructuring department is highlighted by a client for its ‘extraordinary work capacity, enormous experience and excellent technical knowledge'. It assists Spanish and international financial institutions, particularly funds and banks, and has particular expertise in court-sanctioned refinancing agreements. The department is also strong in restructuring, distressed debt trading and implementing complex acquisition financing structures. Santiago Hurtado leads on the insolvency side, with Andrés Mochales in charge of restructuring.

Practice head(s):

Santiago Hurtado; Andrés Mochales

Other key lawyers:

Javier Royo; Alejandra Escalada


‘Apart from the extraordinary work capacity, the enormous experience and the excellent technical knowledge of all of them, the team of restructuring and special situations of Simmons & Simmons stands out for the following unique aspects: its ability to work on matters of enormous complexity (bet the company), adapting to the needs of its clients, with full availability and overcoming, in addition to legal complexities, the important technical and management difficulties that arise.’

‘Its ability to form transversal teams, with lawyers specialized in different areas and with visions not only legal, but also economic, all of which is essential for the management of restructuring processes, which impact practically all the elements of a company.’

‘Although all the professionals in the area of restructuring and special and distressed situations at Simmons & Simmons are excellent, Santiago Hurtado, recently hired, deserves a separate mention for his quality. Apart from being a tireless worker and extraordinary technical knowledge that he amasses, he is one of the few practicing professionals who combine the experience at the highest level in the General State Administration with a highly operational and strategic view of the needs of a company.’

‘Javier Royo and Alejandra Escalada also deserve a separate mention, who despite their youth, have shown to have proven technical solvency, absolute availability and the ability to face complex issues, proposing and providing solutions.’

Key clients

Autopista Madrid-Toledo Concesionaria Española de Autopistas

Grupo Munreco


Black Label Investment Group

Natwest (RBS)

Santander Factoring Confirming

Gourmet Kebab

Banco Santander

Work highlights

  • Acting for Autopista Madrid-Toledo Concesionaria Española de Autopistas as insolvency administrator during the liquidation of the company, the management of the devolution of the infrastructure and the claim for the Administration’s Patrimonial Responsibility (RPA).
  • Advised Sareb on the defence of its claims in the insolvency proceedings of three companies in Ávila (Pyc Artíca, Romonsa and Visaro).
  • Assisted Bankia and CaixaBank with the communication and credit defence in the insolvency proceedings of Dentix.


Between its offices in Madrid, Barcelona and Valencia, Andersen supports a host of domestic and multinational companies through their pre-bankruptcy and insolvency proceedings. Litigator and bankruptcy law specialist Javier Mata leads the team and has support from Benjamin Prieto, managing partner of the Valencia office. After the firm’s incorporation of DA Lawyers, Daniel Gómez de Arriba has joined the department.

Practice head(s):

Javier Mata

Other key lawyers:

Benjamín Prieto; Daniel Gómez de Arriba; Ana Ferrando; Carla Carrasco


‘Professionalism, closeness, pragmatism and focus.’

‘Closeness, understanding of the problem and maximum professionalism.’

‘Closeness, professionalism, agility in meetings.’

‘Humanity and knowledge of the client, personal involvement, closeness to the company.’

Key clients

Assignia Infraestructuras – Essentium Group

Concentra Servicios y Mantenimiento

Visure Solutions

Villa Romana Golf

Grupo Peyber

Investigaciones y Programas – Ipsa


Inmobiliaria centrum

Grupo Tiempo y Moda

Fire Energy

Mag Import

Red Corporativa de Servicios Especiales Asociados



Desarrollo de Medios y Sistemas


Actua Multiservicios

Soluciones Técnicas Metálicas Integradas

Vall d’Origens

Shikumi Wakata

Serveis Educació No Formal

Grupo Futur

Work highlights

  • Advising Assignia Infrastructuras on insolvency proceedings.
  • Acting for Grupo Peyber in a variety of matters within its insolvency proceedings.
  • Representing Mag Import throughout all the stages of its insolvency proceedings.

Ceca Magán Abogados

Ceca Magán Abogados has a prolific restructuring and insolvency team led by José Carlos González Vázquez, who replaced Manuela Serrano as practice head in September 2021. The team is noted for its expertise in bankruptcy proceedings, including administration and the sale of productive units. Manager of the department Raúl Villarín provides key support.

Practice head(s):

José Carlos González Vázquez

Other key lawyers:

Raúl Villarín

Key clients

Accesos de Madrid

Fomento de Inversiones las Marias

Bosques Naturales


At Least



Shamrock Event

Comunidadez Zahora


Haya Real State

Employees of Isolux Corsan Corvian

Work highlights

  • Acted as court receiver of Accesos de Madrid (R-3 and R-5 motorways).
  • Assisted Alazor Inversiones with its insolvency as court-appointed receiver.
  • Acted as court receiver of Bosques Naturales.

CMS Albiñana y Suárez de Lezo

CMS Albiñana y Suárez de Lezo acts for both creditors and debtors in insolvency, pre-insolvency and restructuring matters. Experienced bankruptcy law expert Juan Ignacio Fernández Aguado leads the practice and is supported in the full range of matters by senior associate Elisa Martín Moreno. The firm also brings together its corporate, tax and financial services teams to provide comprehensive assistance.

Practice head(s):

Juan Ignacio Fernández Aguado

Other key lawyers:

Elisa Martín Moreno

Key clients

Chamartín La Grela

Inmobiliaria Chamartín

Grupo ITEK

Haitong Bank

Novo Banco

Grupo Casabella Proyectos Inmobiliarios

MGO By Westfield

Engie Group

Creativa 360

Work highlights

  • Advised real estate group Chamartín La Grela on its involuntary insolvency, providing representation in the compulsory proceedings around the issue of its liability.
  • Acted for Grupo ITEK in the restructuring of its financial debt with a syndicate of Spanish banks led by Banco Santander.
  • Advised Engie Group on the insolvency proceeding of Elodea regarding the debt in an industrial construction for Vestas.

Hogan Lovells International LLP

The team assembled by Hogan Lovells International LLP to assist with restructuring and insolvency matters is ‘accustomed to working in an international environment', acting for major financial institutions in Spain as well as international banks and companies in the energy, automotive, steel and manufacturing sectors, among others. The group brings in expertise from related practice areas: from banking and finance, José Luis Vázquez and Alfredo Barona; and from litigation, Jon Aurrekoetxea and 2021 hire from Gómez-Acebo & Pombo, Gonzalo Ardila.

Practice head(s):

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

Other key lawyers:

José Luis Pita da Veiga


‘Great technical knowledge adapted to the needs and sensitivity of the client. It is generally the winner in any comparison in terms of quality – price ratio.’

‘Alfredo Barona. He exudes charisma. His technical knowledge combined with a friendly but uncompromising character make him a benchmark in practice.’

‘They have a great knowledge of the subject, accustomed to working in an international environment, making use of the great experts they have in the various departments’

‘Jon Aurrekoetxea – magnificent knowledge of the subject, his possibility of working in an international environment.’

‘Our group worldwide had many doubts about a major insolvency, with many elements of international law, and their assistance and knowledge has been exceptional. a total of 10.’

Key clients


Renewable Power International


Banco Santander


JP Morgan

Deutsche Bank, London Branch

BNP Paribas


J Almoguera Abogados

Boutique firm J Almoguera Abogados specialises in restructuring and insolvency as part of its wider practice in complex dispute resolution. The ‘well-organised' team is led by highly regarded founding partner Jesús Almoguera, who has over 30 years of experience acting in Spain’s major insolvency proceedings and some of the market’s largest distressed transactions.

Practice head(s):

Jesús Almoguera

Other key lawyers:

Eduardo Vázquez de Prada; Carlos González Pulido


‘It is a boutique, Jesús is always directly involved in each case and both he and the rest of the team look for tailor-made solutions for each of the situations that I have presented to them. It is an independent firm, it has no conflict of interest or limitations to go from advising to litigation with institutional counterparts. Both Jesús and the rest of the team have a very practical approach and move with ease in the gray area between friendly negotiation and litigation, always looking for the most favorable path to the client’s interests.’

‘Jesús is not only an excellent attorney but also a comprehensive advisor who fully understands the financial connotations of the conflict and makes his recommendation with multiple considerations in mind.’

‘Well organized team, with a lot of attention to detail and combative in the interest of its clients.’

‘The J. Almoguera team of lawyers stands out for its proactivity in the analysis of the different derivatives of a matter.’

‘Their extensive experience in bankruptcy processes, at a practical and scientific level, has allowed the Firm led by Almoguera to be entrusted not only with monitoring, but also with incidents that may arise during the processing of bankruptcy proceedings entrusted to them. On the other hand, the follow-up is so personalized, his colleagues at the office so efficient, that this circumstance differentiates him from other large law firms.’

‘Both Eduardo Vázquez de Prada and Carlos González Pulido are extraordinary pillars of the Almoguera Law Firm.’

Work highlights

  • Representing a group of international hedge funds and a major European bank in several judicial proceedings against the sponsors and guarantors of certain concessionaires.
  • Acting for an international investment fund as significant stakeholder in a European apparel group in judicial proceedings relating to the challenge of a corporate resolution.
  • Advising one of the main senior lenders of Marme, as co-counsels on several insolvency and cross-border contentious aspects regarding a financing amounting to approximately €1.6bn.

Jones Day

Juan Ferré spearheads Jones Day's offering in restructuring and insolvency, drawing on experience representing distressed investors, banks and large corporations in some of Spain’s most high-profile financial restructurings and insolvency proceedings. Ferré's expertise is combined with the firm’s teams in related practice areas as part of a business restructuring and reorganisation practice.

Practice head(s):

Juan Ferré

KPMG Abogados, Spain

KPMG Abogados, Spain has a ‘technically brilliant' restructuring and insolvency team, which is regarded as ‘very proactive and with continuous innovative solutions to complex situations'. The real estate, industrial, retail and financial sectors are where the team is most experienced, and its practitioners are regularly appointed by the court as insolvency counsel in major domestic cases. Insolvency expert Beatriz Rua heads the practice.

Practice head(s):

Beatriz Rúa

Other key lawyers:

Javier Zuloaga; Cruz Amado; Vicente Giner; Pedro Suarez


‘Very balanced team with great technical solvency, very proactive and with continuous innovative solutions to complex situations. Additionally, a lot of client service with continuous feedback on the various situations of the processes.’

‘For us Vicente Giner is the one who makes the difference in this technically brilliant team, with an outstanding command of the law, very multidisciplinary and with a great deal of ingenuity to find solutions that are not obvious for complex situations such as those that are we have commissioned in recent years. The rest of the team, led by member Beatriz Rua, complements the practice very well and they are frankly good as a team.’

‘Deep knowledge of the subject. Empathy and closeness.’

Key clients

Kast International Spain

Bimeda Holdings

Eurona Wireless Telecom

Copisa Constructora Pirenaica

Sacyr Fluor

Sacyr Industrial

Concesiones Hércules

Sociedad Alavesa de Inversiones


Hanjin Spain

Santander Investment

Grupo MRF Cartuja

Niza Cars



Fundición y Siderurgia

Promotora Vascoasturiana do Para

Work highlights

  • Acting as court appointed insolvency trustee of Eurona Wireless Telecom.
  • Assisting clothing retailer Kast International with insolvency proceedings.
  • Advising construction and infrastructure company Copisa on bankruptcy proceedings filed in Romania for its subsidiary Copisa Constructii.

PwC Tax & Legal Services

Partners in PwC Tax & Legal Services' restructuring and insolvency team regularly act as court-appointed administrators in insolvencies across various industries. The experienced department is led by Nicolás Molina, with support from José Antonio Peñafiel and Tiziana Di Ciommo. Antonio Del Saz left the firm in March 2021.

Practice head(s):

Nicolás Molina García

Other key lawyers:

José Antonio Peñafiel; Tiziana Di Ciommo


‘High training, coordinated work.’

‘The service so far has been excellent, given the extensive experience they have from their participation in several of the most important bankruptcies in the country. Having participated, as insolvency administrators, in a large number of bankruptcy proceedings, they have extensive experience, extensive knowledge of all legal issues related to bankruptcy proceedings and the liquidation of bankruptcy companies, and a team always available for any need.’

‘Our main contact person in the firm is Nicolás Molina García. Given that throughout his career he has run multiple bankruptcies, he has extensive experience in this field as well as extensive technical and legal knowledge in this area. I’d also highlight his availability, both himself and his team, good treatment and ability to work.’

Key clients

Segur Ibérica Group

Habitatge Entorn

Habitatge Social


Sinergia Serveis Constructius

Nyesa Group


Jale Group

Aifos Group


SM Data

Red de Espacios Tecnológicos de Andalucía (Reta)

Construcciones Azagra

Grupo Marypaz


Nueva Empresa De Montajes Industriales

Grupo Hogarium

High Technology Masterbatches

Oro Direct Group


Grupo Alborán

Work highlights

  • Advising Nyesa Group as insolvency administrator.
  • Assisting real estate development group Grupo Aifos with its insolvency.
  • Advising Grupo Jale on its insolvency.

Ramón y Cajal Abogados

Ramón y Cajal Abogados' team is regularly instructed on restructuring and debt refinancing, creditors’ rights and board liability issues. On the restructuring side, Javier Menchén is the primary contact and has broad finance law experience. He co-leads the wider practice with insolvency-focused partner Ramón Fernández-Aceytuno, who manages bankruptcy proceedings for the bankrupt company itself, as well defending the interests of significant creditors.

Practice head(s):

Javier Menchén; Ramón Fernández-Aceytuno

Other key lawyers:

Amado Giménez; Carmen Fernández-Hontoria


‘Much involvement and closeness.’

‘They are involved at the business level, beyond the mere work of an advisor.’

‘The great advantage of Ramón y Cajal lies in the knowledge they have of both the sector and the market, which allows them to provide a service highly oriented to the operational needs of their clients. They fully understand the business of merchandising and the regulatory risks associated with its development.’

‘The personal relationship of partners with clients. They are business advisers. They understand the macro risks of the sector and the micro risks of the company.’

Key clients



José Sánchez Peñate SA


Ortiz Construcciones Y Proyectos

Banco Santander



EDP España


Work highlights

  • Advising Abengoa on its bankruptcy and the restructuring of its trade debt.  
  • Assisting Jose Sanchez Peñate SA with the declaration of its insolvency and the initiation of refinancing negotiations.
  • Advising Bankinter Investment on the refinancing of the acquisition of the Montepino logistics group for €470m.