Restructuring/Insolvency: Spain

Restructuring and insolvency is officially part of the dispute resolution division at this Catalan firm, although current demand is such that flexibility is key and cross-departmental corporate recovery teams are being assembled on a case by case basis. Javier Castrodeza is one of the market's true insolvency experts, although as co-director of the Barcelona office, management duties compete for his time. Francisco Pérez-Crespo offers the corporate perspective, while Antonio Carreño is an accomplished litigator. Fedra Valencia, meanwhile, helps clients reach in-court or out-of-court receivership agreements and is someone peers "can completely trust and rely on, even when she’s on the other side." The group handles both debtors and creditors and is most recognised for representing modestly sized industrial clients, especially in Catalonia. However, it is also on two of the largest cases in the market at present, providing corporate recovery advice to Habitat and insolvency counsel to Martinsa-Fadesa. In a practice area where a strong regional network is important, the firm can boast 16 offices across Iberia.

With 25 offices spread across Spain, this domestic heavyweight has the largest network in the market. This ensures the group can be close to clients wherever they are in the country, and has the local knowledge in terms of courts and judges. The firm also has one of the longest-standing restructuring and insolvency teams in the market, as well as highly sophisticated departments in all auxiliary disciplines, including banking, M&A, labour and tax. The team is perhaps best known for its insolvency work, and provided advice to Grupo Urconsa, Grupo Alcuba and the banks involved in the Habitat deal. Almost unanimously considered "one of the top names in the market," Antonio Fernández heads the desk and oversees all operations. José María Alonso offers litigation expertise.

While benefiting from a strong local profile in much the same way as its top-tier contemporaries, Uría's national network is more modest (Madrid, Barcelona, Bilbao and Valencia) and its reputation in this area leans slightly towards restructuring rather than insolvency. This is perhaps inevitable for a firm so close to the banking community, and so strong in finance. Its renown for high-end work also makes the team a regular participant in the market's headline cases, and it is presently involved in Martinsa-Fadesa’s and Habitat's insolvency proceedings, as well as the Inmobiliaria Colonial and Metrovacesa restructurings. Many peers concede that the firm "is often at the top of the market in quality terms, handling more important and more prestigious matters than most of its rivals." Alberto Núñez-Lagos, who is personally more dedicated to insolvency, oversees all restructuring and insolvency matters from his base in Madrid. Rafael Sebastián, also in Madrid, is a high-profile figure who regularly writes and opines on insolvency issues. Ariadna Cambronero recently handled the Habitat case, demonstrating her dominance of both restructuring and insolvency proceedings.

Given its finance credentials, this magic circle firm is naturally a popular choice for restructuring work. Of the international firms in Spain, it was also one of the first to pour resources into insolvency, traditionally more the domain of the domestic operators. This forward thinking leaves the team well placed in the current market, especially for cases with cross-border elements. The firm is strong in refinancing but also represents debtors and creditors in insolvency proceedings. Recent work highlights have been concentrated in the real estate sector, and the firm provided counsel to Lábaro Grupo Inmobiliario and also some of the lenders involved in Martinsa-Fadesa and Habitat. The practice is fronted by two complementary talents, finance lawyer Carlos Hernández-Canut, who brings the restructuring expertise, and litigator Iñigo Villoria, who specialises in insolvency. Peers describe Villoria as "an experienced and important mover and shaker," while clients appreciate his being "speedy in his work and easy to communicate with."

Although not traditionally seen as a prime player on the insolvency scene, there is no denying GAP's current market standing, a result of its frontline involvement in the headline case of the moment. The team is advising Martinsa-Fadesa and six of its subsidiaries on insolvency proceedings which include 800-plus challenges and total liabilities in excess of EUR7.4 billion. Such an engagement significantly raises the group's practical experience as well as its profile. Clients who have since turned to the team herald "commitment to the client, a proactive attitude, full availability and a great success rate." The service comes under the auspices of the disputes department although a case will typically be handled by banking lawyers at the restructuring stage. Corporate all-rounder Francisco Peña González is a lawyer who can bridge the gap, praised by clients for "not sitting on the fence like so many lawyers, but rather getting stuck in and giving you his opinion on what to do." María José Paz Ares Rodríguez manages the team, drawing on her litigation background when appropriate.

As the Madrid outpost of a magic circle firm, this group naturally excels in offering sophisticated refinancing advice. Such work is performed by Juan Barona and the rest of the finance team, with risk analysis provided by the insolvency lawyers from the disputes department. Once a case hits the courtroom, Jaime Mairata comes on board. Mairata is an independent practitioner (and as such is listed in the Other Notable Practitioners section) but also a regular consultant to Allen & Overy. The team typically represents banks, such as Caja Madrid on the Martinsa-Fadesa case, or other corporate creditors, such as Grupo Ferrovial in relation to Habitat. Antonio Vázquez-Guillén leads the practice, and owing to his experience as a state attorney, is hailed for his "great technical knowledge of commercial laws." Of counsel Borja Fernández de Trocóniz is another lawyer who brings ex-state experience to a team which has impressed clients with its "availability to take note of your problems at any time of the day."

The Madrid branch of this global player covers both restructuring and insolvency and has experience representing all sides, including banks, distressed companies and investors. However, the team is best recognised for advising banks among a syndicate, as was the case in its counselling Citi on the Inmobiliaria Colonial debt restructuring. It has also gained a reputation as one of the market leaders for assisting investors of non-performing loans. While the disputes department provides insolvency support, the practice area's two main figures are corporate finance all-rounders Jesús Almoguera and Juan Hormaechea. "Both have great knowledge of the legal material, and excellent management and negotiation abilities," according to clients.

This domestic outfit has a policy of having all its lawyers gain courtroom experience, an initiative that pays dividends in a distressed market. Insolvency is handled from within the disputes department and is the team's favoured discipline, although refinancing and restructuring assistance is also provided when required. The firm represents creditors, such as Elyo Suez and Axima in regard to the insolvent Grupo Begar, and debtors, such as Fun & Basics. Juan Ignacio Fernández Aguado is a respected litigation lawyer and insolvency specialist. Clients enthuse that he has "great analytical capacity and technical knowledge, as well a practical focus and superb court experience."

This magic circle firm is at the forefront of the restructuring market, as one rival concedes: "Iñaki Gabilondo and Armando Albarrán are always around in refinancing and the English firms do have the cutting edge when it comes to financial technology." Gabilondo is a finance lawyer, Albarrán corporate, and litigation colleagues join them when engagements enter insolvent waters. However, the practice is restructuring-biased, with the firm on most of the major cases in the market, typically advising the debtor. This is the case on huge debt refinancings for Reyal Urbis, Metrovacesa, Afirma and Inmobiliaria Colonial, while on Martinsa-Fadesa the team looks after the financial syndicate.

While most firms house their restructuring and insolvency practices within the disputes department and collaborate with finance colleagues when required, the Madrid branch of this City firm does the reverse. This emphasises the group's philosophy: to try to avoid insolvency via refinancing or restructuring. To this aim the team puts distressed companies in touch with liquid private equity funds. In terms of recent work, advice to Barclays regarding the Metrovacesa restructuring saw the firm involved on one of the main deals in the market. Litigation and arbitration partner José Luis Huerta leads the team.

January 2009 saw the merger of litigation specialists Ramón Hermosilla y Cía Abogados and general practice firm Gutiérrez de la Roza. Part of that general practice service was a dedicated insolvency department, and peers respect Bernardo Gutiérrez de la Roza as "one of the most experienced traditional insolvency players in the market" and note that the firm's provincial background can be a boon in understanding the needs of a certain size of company. The firm provides all areas of distressed advice, including refinancing and restructuring, but insolvency is the core of the practice, with assistance provided to debtors and creditors in almost equal measure.

Roca Junyent is a traditional boutique which has always been active in insolvency, and the firm is also one of the few sizeable groups in Spain heavily involved on the administrator side, a role it performs on the Habitat case. The firm also differs somewhat in its approach: leading light Javier Díaz-Gálvez De la Cámara is one of several members of the team who joined from Ernst & Young, bringing with him broad vision, combining legal and economic considerations. Although the firm is Catalan and has a strong presence in its local market, De la Cámara himself is based in the Madrid office.

Baker & McKenzie is less finance-focused than most of its international counterparts in Spain, and this is reflected in restructuring and insolvency, with the team oriented towards more of the latter. That said, given the economic cycle, thus far the group has been more active on the preventative side, forming hybrid disputes, corporate finance and tax units to work on its companies in crisis programme. The most significant engagement to date has been assisting GM with an insolvency assessment. Partner José Ramón Casado is the primary point of contact.

This Valencian firm splits its practice between insolvency work, handled by the dispute resolution department, and restructuring, performed by the firm's banking and finance lawyers. However, it is best known for administrator appointments. Antonia Magdaleno is one of the most respected receivers in the market and is frequently named on headline cases, not least the current behemoth, the Martinsa-Fadesa administration.

The Madrid office of this global outfit significantly boosted its restructuring and insolvency capacity in January 2009 with the lateral hire of a specialist team from Lexland, including new practice head Álvaro Lobato. The department covers all stages of the process, as demonstrated by its representing BBVA and the banking syndicate on the refinancing of Grupo Erlobe and then advising Aurgi in the presentation of its insolvency.

This Catalan operator is one of the traditional names to have focused on insolvency and covers all disciplines, including acting as administrators. The team is led by the highly respected Agustin Bou and its dedicated service ensures a constant flow of modestly sized instructions, especially from Catalan clients. Recent work highlights include handling an insolvency petition for Ibersolar and guiding Dogi International Fabrics through receivership.

The most active of the Big Four auditors in restructuring and insolvency, this group naturally brings a multidisciplinary approach to proceedings. The firm is most visible at the refinancing and restructuring stage, applying its broad range of consultants on sweeping viability studies. Once the process moves on to insolvency, the team's role is most typically that of administrator, in which capacity the firm is involved in the Martinsa-Fadesa case. Alain Casanovas leads the department.

As one might expect of a magic circle firm, this practice is strongest on the refinancing side. The core of the team has a banking profile, not least Pedro de Rojas, praised by clients for his "deep knowledge of all legal issues that arise during negotiations." Most work comes in finding innovative, out-of-court solutions to help banks protect their investments. The group comes into its own on complex, cross-border restructurings, a prime example being its advice to Jazztel, a UK plc listed on the Spanish stock exchange, with assessment driven from Madrid in collaboration with the firm's London office. 

This modestly sized general practice firm has offices in Madrid, Barcelona, Palma de Mallorca and Alicante, though its insolvency presence is doubtlessly best recognised in Catalonia. This is in no small part thanks to leading lawyer Carlos Noguera, who is the vice-president of the bankruptcy section of the Barcelona Bar Association.

As part of a global group, this firm can tap into an international network of offices, not only for referrals and cross-border work, but also for the exchange of ideas and experiences. Meanwhile, back in Spain, Mochales & Palacio, which merged with Simmons & Simmons in 2007, traditionally represented the Deposit Guarantee Fund for Banking Establishments, and so handled previous economic crises from the banking side. The restructuring and insolvency team is multi-disciplined, with finance and labour lawyers involved, and is lead by disputes specialist Andrés Mochales.

This Catalan firm tailors its teams to each case, though groups are always jointly led by one commercial lawyer and one litigator. The teams then handle a range of matters, including debt restructuring, contract disputes and payment suspensions, working on behalf of both debtors and creditors and also as administrators. Corporate generalist Alfonso López-Ibor is the department supremo.