Allen & Overy excels in cross-border restructuring and insolvency matters, advising on key options such as U.S. Chapter 11 reorganisations, UK and Spanish schemes of arrangement, pre-packaged sales, and debt-for-equity swaps. Clients have praised these capabilities, emphasising that the firm’s ‘extensive international network is also very useful for matters with transnational elements.’ The client roster comprises domestic and international lenders and investors, corporates, governments, banks, hedge funds, and other financial institutions. The team, lauded as ‘committed, hard-working, honest and always willing to help and provide a solution‘, is jointly led by the ‘exceptional‘ Javier Castresana, who advises on Spanish schemes and debt restructurings; Jimena Urretavizcaya, who focuses her practice on restructuring, leveraged finance, and real estate finance matters; Juan Hormaechea, an expert in structured finance, acquisition financing, and equity derivatives; and Ignacio Ruiz-Cámara, who brings extensive experience in restructurings within the renewable energy and infrastructure sectors.

The restructuring, insolvency, and special situations practice at Cuatrecasas is a vital resource for creditors, debtors, management teams, shareholders, investment funds, banks, and corporates seeking advice on restructuring transactions and general insolvency proceedings. The team is adept at representing both creditors and debtors, and is frequently engaged in crisis management matters, ranging from refinancing and distressed M&A to winding up and directors’ liability issues. The team is led by dual-qualified partner (Spain and New York) Ignacio Buil, who is based in Madrid and specialises in financing and debt restructuring transactions. Other key team members include Patricia Álvarez and Fedra Valencia, both based in Madrid. Additionally, Antonio Carreño and Javier Sánchez, working from Barcelona, play crucial roles in supporting clients in large-scale insolvency proceedings.

With a robust and comprehensive practice in restructuring and insolvency, the team at Garrigues provides advice on insolvency proceedings from both a debtor and a creditor’s perspective. The group is adept at pursuing solutions both in and out of court, handling various aspects such as debt rescheduling, asset sales in distressed scenarios, security enforcements, DIP financings, debt trades, and distressed M&A transactions, among others. The client base includes banks, private equity and hedge funds, corporates, boards of directors, and insolvency practitioners. Clients also commend the team for its ‘excellent knowledge of the new bankruptcy law‘. Adrián Thery leads the practice and brings considerable experience in advising on restructuring processes for entities across diverse industries, including shipping, real estate, banking and finance, hospitality, and healthcare. Juan María Jiménez and Borja García-Alamán are both recognised for their ‘excellent technical knowledge’. Juan Verdugo is noted for his proficiency in the refinancing of distressed companies, NPL deals and distressed transactions.

Lauded as ‘one of the best Spanish restructuring firms‘, Gómez-Acebo & Pombo stands out as a market leader in lender-side restructuring transactions. The team’s client roster features large banks, investment funds, hedge funds, insolvency administrators, private equity houses, and major corporates, who regularly turn to the team for assistance with refinancings, debt-equity swaps, and insolvency proceedings. The firm’s cross-border capabilities are noteworthy; the team frequently collaborates with offices in New York, Lisbon, Brussels, and London. Leadership responsibilities are split between Miguel Lamo de Espinosa, who heads up the restructuring side and ‘remains at the top of his game‘, and Rodrigo López, who oversees insolvency matters. Other key figures include Rafael Aguilera, who represents creditors in large-scale restructuring processes; the ‘exceptionally strong‘ Ferran Foix; insolvency law and commercial litigation specialist Irene Arévalo; and Paula Zarzalejos, who ‘understands the interactions between restructuring and finance, delivering fantastic advice in a user-friendly manner’.

Linklaters boasts a well-balanced restructuring and insolvency practice, serving creditors, financial institutions, funds, distressed debtors, and their administrators. The team is particularly well equipped to provide advice on real estate-related restructurings, and has of late advised corporates and banks on distressed asset and debt scenarios within this sector. The group is jointly led by Francisco Sáinz-Trápaga, an expert in restructuring transactions; Ben Crosse, an English law partner who advises on a range of financing deals; Juan Barona, the head of the firm’s banking practice; Borja Fernandez De Troconiz, a key point of contact for matters involving banking litigation and complex insolvencies; and Alex Ferreres.

Uría Menéndez‘s restructuring and insolvency practice is renowned for its deep expertise in a variety of high-profile contentious and non-contentious matters, encompassing company and group restructurings, debt refinancings, direct lending, special situations, as well as general insolvency proceedings and related litigation. The client roster includes both creditors and borrowers, who represent leading Spanish and multinational banks, corporates, and financial institutions. The practice is co-led by Carlos de Cárdenas Smith and Ángel Pérez López, both of whom possess a successful track record in finance and restructuring transactions. Other key team members include corporate and insolvency litigation specialist Javier Yáñez and Sebastián Sáenz de Santa María, who focuses his practice on banking law.

With a balanced restructuring and insolvency practice, the team at Clifford Chance stands out for its transactional capabilities. The team’s expertise extends to matters involving Spanish insolvency schemes, attracting instructions from a client roster that includes leading banks, financial investors, and corporates, often seeking cross-border support. Leadership is split between Eduardo García, who oversees the restructuring side of the practice, and Iñigo Villoria, who heads up the insolvency practice. With considerable experience in structured finance and large-scale restructurings, Epifanio Pérez is another name to note. Felipe Font showcases particular expertise in restructuring mandates and real estate finance. Alexandra Borrallo left the firm in May 2023.

The team at Pérez-Llorca advises on a broad spectrum of restructuring and insolvency matters, covering subordinate claims, refinancings, recapitalisations, insolvency agreements, company liquidations, and asset sale transactions. It counts some of the largest Spanish banks, corporations, and financial institutions among its key clients. The practice is co-chaired by Javier García Marrero, who specialises in advising financial entities on insolvency proceedings, and the ‘excellent‘ Juan Oñate, an expert in restructuring transactions, including restructuring agreements. Laura Ruiz is proficient in insolvency litigation cases, while Cosme Colmenero is praised by a client for his ‘great commercial sense’.

DLA Piper‘s restructuring and insolvency team advises on both contentious and non-contentious mandates, covering financial and corporate restructurings, foreclosure sales, distressed M&A transactions, and refinancing agreements. Recently, the team has seen increased activity advising funds on special situations, including investments in distressed debt and non-standard financing scenarios. The leadership is shared by Juan Gelabert, who advises domestic and international clients on financing, refinancing, and restructuring transactions; Jose Maria Gil-Robles, whose broad practice includes advising leading distressed debt investors on their restructurings; and Borja De Obeso, who specialises in litigation, arbitration, and insolvency matters.

The team at Andersen provides guidance across all areas of restructuring and insolvency, covering corporate restructuring, debt recovery, acquisition of distressed companies, and liability of directors and managers. Madrid-based Javier Mata has extensive experience in insolvency proceedings and frequently represents companies from a range of sectors, including infrastructure, construction, energy, and technology. Mata co-leads the practice alongside Marta Morales, based in Sevilla; she is recognised as ‘outstanding in all aspects‘ and advises on restructurings. Also noteworthy is Valencia-based Benjamín Prieto, who specialises in civil and criminal lawsuits and bankruptcy proceedings.

The team at Jones Day takes an interdisciplinary approach to provide insight and advice on both consensual and litigious restructuring and insolvency matters, collaborating closely with the firm’s banking, corporate, litigation, and real estate teams. It excels in cross-border proceedings and counts major investment banks, credit funds, and private equity firms among its clients. Juan Ferré leads the practice and is a restructuring and insolvency expert; he represents clients from a range of sectors, including aviation, automotive, real estate, and construction.

Ramón y Cajal Abogados regularly advises on group restructurings, creditor rights, board liability issues, debt refinancings, acquisition of business units, and bankruptcies. Its client roster includes corporates and financial institutions from a range of industries, including energy, real estate, and pharmaceuticals. Among recent team developments, Javier Menchén left the firm in March 2023; Amado Giménez, who takes the lead in restructuring matters, is now overseeing the team alongside Ramón Fernández-Aceytuno, responsible for the insolvency side of the practice. Carmen Fernández-Hontoria is also recommended by clients for her proficiency in restructuring and insolvency mandates.