Spain - Restructuring/Insolvency: Restructuring Lawyers & Law Firms - Europe - Chambers and Partners
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Europe Guide

Restructuring/Insolvency: Restructuring — Spain


Allen & Overy LLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for A strong restructuring and insolvency team, with a solid client base of financial heavyweights to which it offers multi-jurisdictional advice. Often advises lenders and investors on investments in a broad range of sectors. Clients benefit from a well-respected litigation team in addition to the firm's noted restructuring practitioners. The department's capacity has been boosted by recent lateral hires.

Strengths One interviewee enthuses: "They have a ‘hands-on’ team and go far beyond legal advice; they act as business advisers and possess a deep and practical knowledge of their area." The same source goes on to add that: "Without a doubt, they understand the business extremely well and provide very practical solutions."

Clients are impressed with the lawyers' performance, with one noting: "They have a really good framework of insolvency law, they are experts for this and were really pushing for a solution."

Work highlights Advised Bankia on the sale of a debt portfolio formed by unsecured loans to individuals and SMEs, for a value of EUR100 million.

Represented Bank of America Merrill Lynch as creditors within the insolvency proceedings of Alteco and Mag Import.

Notable practitioners

Finance expert Ignacio Ruiz-Cámara is recognised for his expertise in restructuring mandates and typically advises clients on leveraged finance mandates. His areas of expertise include the renewables and infrastructure sectors and he regularly handles real estate transactions and project finance matters involving the sale of distressed assets.

Litigator Antonio Vazquez-Guillén has recently assisted several domestic and international financial institutions with contentious mandates. He typically acts for credit entities in insolvency proceedings. Clients describe him as a "really solid lawyer with a strong legal framework at his disposal."

Juan Hormaechea has a broad practice and is highlighted by interviewees for his "in-depth knowledge" and "pragmatic approach." He regularly advises clients on pre-insolvency debt restructurings and potential investment in non-performing debt portfolios and corporate rescue financing. Clients appreciate the fact that he is also qualified to practice in England and Wales, with one stating: "He understands the UK lawyer mentality and can bridge the gap to translate that into a Spanish law perspective."

The "absolutely outstanding" Javier Castresana enters the rankings this year after earning plaudits from both clients and peers. He is typically instructed to represent financial entities in insolvency proceedings and contentious debt restructuring mandates. One impressed client says of his practice: "He is extremely smart, efficient and always thinks outside the box. He is someone you can really trust, as he is very commercial and practical in his approach to a dispute."

Jimena Urretavizcaya is described by sources interviewed as "brilliant, very determined and tenacious." She specialises in domestic and cross-border transactions and has recently advised international financial institutions on financing agreements in pre-insolvency actions. Clients appreciate her expertise in the area, with one commenting: "She's practical and what I like about her is that she has experience of distressed situations."

About the Team (content provided by Allen & Overy LLP)

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Ashurst - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Expanding team that handles matters including debt restructuring, refinancing and insolvency proceedings. Works closely with other departments within the firm, such as real estate, finance and litigation. Highly recommended for transactional work, including the sale or purchase of loan portfolios in Spain. Diverse client list encompasses banks, funds and companies, and new client wins for the department this year include Apollo Global Management, Bancomext and EXIM Bank of India.

Strengths Clients have a high opinion of the team and the service provided. One interviewee states: "As an experience it's been great, one thing I really like is their professionalism and their extensive and in-depth knowledge of the Spanish system," adding: "If you ask them for a direct answer they'll give it to you and they are very concise, which is rare."

One interviewee applauds the fact that the lawyers "offer strong, reliable expertise on Spanish insolvency law," and goes on to add that the "main strength is their honesty in saying where uncertainties lie."

Work highlights Advising NH Hoteles and Accor on the EUR500 million insolvency proceedings of tour operator Grupo Marsans.

Acted for SAREB on the sale of a loan portfolio with a nominal value of EUR553.3 million.

Notable practitioners

José Christian Bertram rises in the rankings this year after being highlighted by interviewees for his "expertise and long track record in this specialism." He is instructed by both borrowers and lenders to act on debt restructuring matters and also advises buyers and sellers in connection with secured and unsecured non-performing loan portfolios. One source explains that he "thinks a bit more outside of the box and is a lot more creative than the classic procedural lawyer," and adds that he can "go above and beyond the basic call of duty."

About the Team (content provided by Ashurst)

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Baker McKenzie - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Specialised team which demonstrates considerable strength in restructuring mandates, in addition to pre-insolvency actions. Has particular expertise in cross-border work thanks to its international network of offices. Frequently seen acting for clients on transactions such as real estate asset acquisitions. A popular choice for funds. Increasingly active in defending creditors and directors of companies that have entered the administration process during insolvency proceedings.

Strengths Market commentators note the strength of the firm's network and resources, with one describing the team as "certainly active on the business restructuring side," and adding: "The firm has big offices with many professionals, and covers the whole array" of work in this field.

Work highlights Represented Deutsche Bank as creditor to Abengoa in the restructuring of its debt. This included EUR3.8 billion across 11 series of high yield notes guaranteed by 41 underwriters for which Deutsche Bank is the trustee.

Notable practitioners

Experienced litigator Víctor Mercedes is widely respected by interviewees, who describe him as a "solid lawyer" who "has a lot of prestige in the profession." He represents a range of national and international entities on all aspects of insolvency proceedings and distressed situations.

About the Team (content provided by Baker McKenzie)

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Clifford Chance LLP - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for First-rate department that plays a prominent role in many of the major restructuring and refinancing operations in Spain. Acts for an impressive client base of creditors, including top names from the local banking landscape, as well as an increasing number of debtors and investors. Works closely with the litigation and dispute resolution department in order to provide additional expertise in insolvency proceedings and distressed debt. Combines expertise in financial transactions and litigation with English law capabilities.

Strengths Clients choose the team for support on complex transactions, owing to its ability to leverage the firm's resources and network. One source says: "It was great, they added a lot of value to the transaction and they provide a very comprehensive service. They were crucial, as was the breadth of their platform."

Work highlights Advised a committee of bondholders and a group of investors on the EUR14 billion restructuring of Abengoa, following its filing for pre-insolvency.

Provided assistance to Codere on the restructuring of its EUR1.14 billion debt and capital structure.

Notable practitioners

Iñigo Villoria is well regarded by peers for his experience in acting on behalf of creditors and debtors in complex insolvency proceedings and distressed debt restructurings. He regularly represents domestic and multinational companies in a range of financial litigation processes. One interviewee comments: "I think he has a critical mind, he works like a member of our team. Also he's very direct; this work can be complex to understand but he makes it easier."

The "very commercial and knowledgeable" Carlos Hernández-Canut garners respect among sources for his expert practice in refinancing and restructuring mandates. One source is impressed by the breadth of his practice and "really extensive expertise in restructuring as well as new financing." The same source adds: "He is able to give creative and innovative solutions."

Sources regard new addition Rodrigo Uría as a practitioner who "shows great dedication to the client." He advises Spanish and international entities on restructuring and refinancing operations often involving syndicated loans, and acquisition and project finance.

About the Team (content provided by Clifford Chance LLP )

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Cuatrecasas - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Full-service offering that has an outstanding reputation due to the high calibre of its team members. Known for having particular skill in both insolvency proceedings and financial restructurings. Possesses additional strength in related sales and acquisitions, including those of non-performing loan portfolios. Acts for an array of clients, from insurance companies to financial institutions, with a track record of acting on behalf of both creditors and debtors. Offers a network of fourteen offices across Spain and is well equipped to handle mandates outside of Madrid and Barcelona.

Strengths Clients are impressed with the lawyers' performance on mandates. One interviewee comments: "They are held in high esteem by the judges and the banks alike. They're great professionals who offer specialist knowledge in the areas they cover, and are punctual when it comes to deadlines."

Sources applaud the team's dedicated and personalised approach, with one stating: "They know the group and the business well. With their technical support and expertise we are more than sure that things are done well, minimising risk."

Work highlights Advised Comsa Group on the restructuring of its financial debt with a pool of Spanish banks including Santander, CaixaBank and BBVA. The work included a refinancing agreement through a judicial homologation.

Assisted Banco de Madrid with insolvency proceedings, including the intervention and recurrent advising of Banca Privada d'Andorra as creditor.

Notable practitioners

One peer describes Antonio Carreño as "an expert lawyer in bankruptcy matters," and goes on to add: "He has a lot of experience and is very well respected in this sector." He rises in the rankings this year after winning praise from both clients and market observers for his contentious insolvency work. He co-heads the firm's litigation practice and is typically instructed by bankrupt entities to advise on temporary receivership and proceedings.

Rising in the rankings this year, Fedra Valencia is described by market commentators as a "top practitioner" and a "leader" in the field of insolvency proceedings. She has experience of acting for financial institutions and companies in the real estate and industrial sector on some of the country's most notable insolvency cases. One impressed source notes: "She's a tough opponent; very well known and highly respected in the market."

Javier Castrodeza is recognised by sources as "one of the most experienced lawyers in the area" and a "known figure in the market." His broad practice encompasses restructuring and bankruptcy operations and has made him a strong choice for national and multinational companies across all sectors of the economy.

Francisco Pérez-Crespo is recommended for his expert practice in advising investors and companies on complex acquisition and restructuring transactions. He offers additional experience in advising business groups on bankruptcy proceedings. He regularly acts on M&A transactions in the real estate sector and was part of the team which advised Hispania Activos Inmobilarios on the acquisition of hotels whose owner companies were in bankruptcy proceedings.

About the Team (content provided by Cuatrecasas)

Please visit our website to find out more about how we work in this field: http://www.cuatrecasas.com/practice_areas/restructuring_and_insolvency.html 

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DLA Piper Spain - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Primarily represents financial entities with interests in companies undergoing restructuring measures, most commonly acting on behalf of international investors. Typical mandates include restructuring of debt, sale or acquisition of non-performing loan portfolios and the recovery of credit. Offers strong cross-border capabilities and is well equipped to provide co-ordinated input from restructuring specialists across its international network.

Strengths The team impresses interviewees with its strengths in restructuring mandates. One comments: "They have dedicated specialists in this firm, so they operate to a high standard," and adds: "They went straight to the point and never wasted time, they came across as extremely well prepared."

Another interviewee describes the lawyers as "excellent" and "really good people to work with both at a professional level and a personal level." The same source adds: "I'm looking for the ability to combine legal intellect with commerciality and responsiveness and I find this with them."

Work highlights Advised Strategic Value Partners' subsidiary Purple Ruby as a creditor on Nueva Pescanova's debt restructuring and EUR300 million share capital increase.

Notable practitioners

Ignacio Gómez-Sancha leads the team and is a key contact for clients.

About the Team (content provided by DLA Piper Spain)

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Freshfields Bruckhaus Deringer - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Well-established and active team known for its representation of creditors in large, complex restructurings. Provides additional strength in insolvency proceedings, with a proven track record of acting on some of the most significant local matters to take place in recent years. Possesses strong international capabilities owing to the firm's global footprint and is a popular choice for global financial investors. Has recently expanded its client list to include names such as I-Sec International and Weight Watchers.

Strengths Several sources recommend the firm for its international resources and capacity to handle complex mandates. One interviewee notes: "The performance has been exceptional; they're able to provide multidisciplinary and international advice. They're a team of extraordinary lawyers with great technical skills who truly guarantee considered advice."

Another source describes the lawyers as "an excellent team" who provide "out of the box solutions and are technically very good," adding: "The other thing is that they work in an international way and always know how to understand the position of the counterparty."

Work highlightsAdvised Goldman Sachs, ING and J.P. Morgan among others as lenders on an unsecured senior loan of EUR1.3 billion granted to Metrovacesa in order to refinance its existing mortgage bilateral secured debt.

Acted as legal adviser to Banco de Sabadell and Banco Popular Español as main lenders to Grupo Aluminio on the EUR110 million restructuring of its debt.

Notable practitioners

Iñaki Gabilondo is described by market commentators as "a very consistent lawyer with a practical and hands-on approach to issues." He has taken a leading role in several of the most high-profile restructurings in the Spanish market and also specialises in leveraged and acquisition finance transactions. One interviewee describes him as a "really impressive lawyer," and adds: "He manages processes very well, knows when to intervene and can defuse tense moments."

Finance expert Ana López has been especially active in assisting Spanish companies with domestic and international restructuring and debt refinancing processes. She advised on the restructuring of the EUR488 million LBO financing granted to Permira for the acquisition of Dinosol Supermercados. One client enthuses: "Her performance has been spectacular, I would highlight her technical ability, negotiation skills, and dedication to the task in hand. Despite the meticulous demands of the work, she's extraordinarily agile and quick in her responses."

About the Team (content provided by Freshfields Bruckhaus Deringer)

Please visit the Freshfields website for more details about our work in this category: http://www.freshfields.com/en-gb/what-we-do/services/disputes-litigation-and-arbitration/insolvency-and-restructuring/


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Garrigues - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Prestigious firm with an expansive restructuring and insolvency team. Actively assists both debtor companies and creditors, and increasingly acts for financial institutions on insolvency proceedings. Receives particular praise for its refinancing capacity owing to the reputations of key partners on the team. Active in the infrastructure, energy and entertainment sectors, with clients benefiting from its extensive network of offices. Recent hire Iván Heredia is an expert in international and community law and consolidates the team's practice in cross-border insolvencies.

Strengths One impressed client enthuses: "From a geographical point of view it is great: They have branches in different areas of Spain which are equally competent. At Garrigues quality at every level is guaranteed." The same client goes on to add: "Their commitment in terms of availability is also something I really value; it's truly impressive under such a high level of pressure."

Sources praise the lawyers' commitment to efficiency, with one noting: "I would describe the performance as excellent; they are great professionals with total availability and they offer punctuality in the delivery of the work."

Work highlights Represented a group of the main international insurers holding substantial claims against the scheme of arrangement relating to Abengoa's refinancing agreement.

Advised Aeropistas and its subsidiary Autopista Eje Aeropuerto Concesionaria Española on their EUR 557m insolvency action.

Notable practitioners

The "brilliant" Adrián Thery maintains a solid reputation for his expertise in restructuring mandates and insolvency proceedings. He regularly advises creditors, debtors and distressed investors on national and cross-border matters. One market commentator describes him as a "very good litigator" who is "clearly at a different level."

Borja García-Alamán is renowned for his experience in providing both debtors and creditors with strategic advice in refinancing and pre-insolvency situations. His recent work includes advising Banco de Desarrollo de América Latina (CAF) and Banco Original on the implications of the restructuring agreements reached by Abengoa with its main creditors. Sources say: "He really understands the business of those involved and is able to find a fast and creative solution to complex problems. He's commercial, a good negotiator and a great personality to work with; respectable but firm and competent."

Litigator and debt restructuring practitioner Juan Verdugo regularly manages high-profile and cross-border insolvency proceedings for clients across a diverse range of industries. He is well equipped to handle mandates involving the refinancing of distressed businesses, distressed trading and the purchase of companies or assets subject to insolvency proceedings. One impressed source describes him as "fantastic, very responsive and able to use the legal framework very skilfully to arrive at a commercial solution."

About the Team (content provided by Garrigues)

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Gómez-Acebo & Pombo - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Multi-talented team which is active in high-value restructurings and is increasingly strong in insolvency proceedings. Has additional expertise in litigation thanks to key members of the team. A popular choice for international financial entities including banks and funds. Also has a London office and acts for many London-based UK and international distressed hedge and private equity funds and creditors.

Strengths One client is impressed by the team's client-oriented approach, stating: "It's clearly one of the top Spanish law firms. It provides the local angle and has very good lawyers who have been trained both locally and also abroad." The same sources adds: "They are partners who really care and are involved first hand in the deals."

Other interviewees are similarly impressed by the quality of the advice they receive. One source reports: "They understand the needs of the client very well, have very good technical knowledge and are able to propose different structures in order to meet our needs."

Work highlights Represented a syndicate of financial entities led by Banco Sabadell, Deutsche Bank and Bybrook Capital in the refinancing of Natra's debt totalling EUR170 million.

Advised Nueva Pescanova on the restructuring of its EUR1.06 billion financial debt through a court-sanctioned refinancing agreement.

Notable practitioners

Head of banking and finance Miguel Lamo de Espinosa Abarca regularly receives mandates from funds and creditors involved in restructuring actions and distressed situations. "For me he is the top choice for restructuring," reports one client, who adds: "He is a person who really knows the technical side of Spanish restructurings and also understands what concerns his clients; a really good mix between technical know-how and commercial acumen."

María José Paz Ares Rodríguez is highlighted by interviewees for her expertise in litigious restructuring and insolvency mandates. She focuses on bankruptcy law and recently provided advice to Banco de Madrid in connection with its liquidation proceedings.

Rodrigo López González rises in the rankings this year after receiving significant praise from several market commentators and clients. Interviewees highlight his "very technical" and "practical approach" in insolvency proceedings. He offers an additional practice in restructuring actions, where he often represents funds and creditors.

About the Team (content provided by Gómez-Acebo & Pombo)

Our Insolvency practice enjoys a well-deserved reputation, thanks to its successful participation in the most widely reported insolvency proceedings.

The team specialised in Insolvency Law has advised one of the largest Spanish developers in what to date has been the largest insolvency proceedings in Europe.

The experience arising from the management of complex insolvency proceedings, as well as from other company matters relating to Insolvency law, has meant that our lawyers possess all the qualifications necessary to successfully provide comprehensive advice to the client in the face of any situation arising from insolvency proceedings.

Our areas of action in this field are:

  • Preparation and presentation of insolvency proceedings petitioned by debtors or creditors
  • Disputes and acknowledgments of claims
  • Representation and defence of creditors in all stages of the proceedings
  • Insolvency issues from the termination of freelance or business agreements, and avoidance (clawback) actions
  • Preparation, drafting and negotiation of compositions with creditors
  • Role as insolvency practitioners


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Herbert Smith Freehills - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Prominent in corporate and debt restructuring mandates, the multidisciplinary team counts domestic and international companies and banks among its clientele. Frequently acts for foreign investors on acquiring the distressed debt of Spanish companies operating in the real estate, energy and infrastructure sectors.

Strengths Clients appreciate the quality of advice and the efficiency of the team's approach. One source says: "The team is professional and co-operative, and can give the commercial approach I was looking for."

Work highlights Assisted Bank of America Merrill Lynch and Hayfin Capital Management with the acquisition of a distressed loan portfolio held by SAREB.

Advised Quaero Capital on the sale of 100% of the equity interest of Instalaciones Inabensa, Sando Concesiones and the pre-insolvent Assignia Infraestructuras.

Notable practitioners

Key contacts include Gonzalo Martín de Nicolás, Javier de Carvajal and Álvaro Sainz.

About the Team (content provided by Herbert Smith Freehills)

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Linklaters - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Offers an impressive breadth of expertise across restructuring and is increasingly admired for its involvement in insolvency matters of major significance. Acts for banks, investors and corporates in connection with a broad range of assets including real estate. Offers impressive international capabilities with a team set up to advise under both Spanish and English law and English lawyers permanently based in Madrid.

Strengths One client appreciates the lawyers' diligence and comments: "I've found them to be really responsive, I sense that they have very good technical abilities and I think that's really useful in a transactional context." The same source goes on to add that "their network has been very important; they have a good ability to co-ordinate the work well."

The team impresses sources with its hands-on approach. One client describes the group as "very committed and always ahead of you ,which is important," adding: "Regardless of the seniority of the lawyer, they are always directly involved in the matter and you feel you are really offered the best of the firm in any single transaction."

Work highlights Advised FCC on the Spanish scheme of arrangement concerning a EUR4.4 billion debt refinancing.

Assisted a group of bondholders with the EUR2.2 billion debt restructuring of Isolux Corsan.

Notable practitioners

Head of banking Pedro de Rojas is highly recommended for a broad range of mandates in the restructuring area. He has considerable experience in advising financial entities on corporate finance, leveraged and stock exchange transactions. One impressed client notes: "His legal skill is second to none, but he also has a real appreciation of transaction strategy for his clients. He has a good understanding of the client's business and is able to tailor the advice accordingly."

Juan Barona possesses long-standing experience in advising Spanish and international clients on restructuring and acquisition financing mandates. One peer highlights him as "a very prominent individual in the refinancing market." His work includes assisting Hune Rental with the EUR294 million restructuring of its debt.

Described as "a great litigator" and "a very professional lawyer," Francisco Málaga is admired by both clients and peers for his contentious practice in restructuring and insolvency mandates. His recent work includes assisting Abengoa's insolvent subsidiary Concesionaria Costa del Sol with the filing and subsequent actions of the insolvency proceedings.

About the Team (content provided by Linklaters)

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Pérez-Llorca - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Experienced practitioners serving a notable international and domestic client base, including companies from the financial services, automotive and construction sectors. Highly regarded for both its restructuring and insolvency work, often involving cross-border aspects. Has recently expanded its client list to include names such as GM, Grupo LAR and Global Energy Siemsa.

Strengths Interviewees value the department's hard-working approach and responsiveness. One comments: "Their advice has been consistent which is great, from documents to deals they're executing the same quality of work throughout," and adds: "We can email them out of the blue with an urgent query and we get an immediate response."

"They work very fast yet very meticulously." reports another impressed source.

Work highlights Assisted SAREB with the filing of a request for the involuntary insolvency of Olga Urbana, where assets and liabilities amounted to around EUR270 million.

Advised CaixaBank, Ibercaja, SAREB and Santander on the refinancing of Grupo Asuari’s EUR110 million debt, with the purpose of avoiding the insolvency of the group's companies.

Notable practitioners

Experienced litigator Félix Montero regularly advises companies on negotiating creditor agreements, insolvency filings and court proceedings, including challenging liquidation decisions. He recently advised Autopista de la Costa Cálida on the management of its insolvent assets valued at EUR529 million and liabilities of EUR793 million.

About the Team (content provided by Pérez-Llorca)

Please visit www.perezllorca.com/en/PracticasSectores/inicio for more information


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Uría Menéndez - Restructuring/Insolvency Department

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Chambers Commentary (based on the Chambers research)

What the team is known for First-rate firm with a prominent position in the local market and exceptional expertise in advising both creditors and debtors. Renowned for its skilled handling of large-scale and complex restructuring and refinancing. Typical mandates include debt refinancing, distressed asset transactions and insolvency proceedings, both in and out of court. Clients include key domestic corporates, international funds and international banks. Following the financial crisis, the team has developed an active practice in the sale and purchase of non-performing loan portfolios, advising both selling banking institutions and purchasing distressed investors.

Strengths Interviewees value that the team "makes everything easy and is always at our disposal" and highlight the lawyers' "excellent knowledge of the financial sector," adding: "They know a lot about restructuring and insolvency procedures."

Other sources appreciate the team's "reliability, confidence and expertise" and go on to add that "having lawyers with vast experience and credibility in the market is key, as are excellent execution capabilities, given the time pressure."

Work highlights Represented Global Asset Capital in the co-ordination of the EUR2.8 billion restructuring and purchase by a third investor of Marme Inversiones and the Marme-owned real estate asset Ciudad Financiera, including the refinancing and purchase transaction, and a review of insolvency issues.

Advised a syndicate of financial creditors including Banco Santander, BBVA, SAREB and Banco Popular on the EUR2.9 billion insolvency proceedings of Reyal Urbis.

Notable practitioners

Carlos de Cárdenas Smith is consistently highlighted by sources as one of the top restructuring practitioners in Spain, with one impressed commentator stating: "He is a senior professional with a lot of experience, and is very pragmatic when looking for the solutions to difficult projects." He heads the firm's corporate and commercial practice and has played a role in many of the most high-profile restructuring and finance operations in recent times.

Interviewees describe Sebastián Sáenz de Santa María as "technically very good" and a lawyer who "knows how to manage negotiations." He regularly assists domestic and international lenders with banking and finance mandates and specialises in debt restructuring operations. His recent work includes advising a group of lenders on the restructuring of Condesa Group's debt totalling EUR250 million.

Clients recognise the prominent role that Ángel Pérez López plays in restructuring mandates. He has also advised creditors and debtors on the debt restructuring of some of Spain’s biggest companies and on the sales and acquisitions of non-strategic assets, such as non-performing loans. One client notes that he is "good at speaking the same language as us, reaching out and staying on top of everything, no matter when the deadline," and adds: "That commercial approach is what we value most."

About the Team (content provided by Uría Menéndez)

We take an active role in complex debt restructuring and refinancing transactions, advising both borrowers and lenders. The team combines relevant experience with an awareness of the interests at stake in this type of transaction and the know-how of lawyers in other practice areas, such as Litigation, Real Estate and Tax.

Our advice encompasses every stage of the restructuring process, from the initial negotiations through to the signing of restructuring and refinancing documents.

We advise on a wide range of topics related to insolvency and restructuring, including the restructuring of investments of venture capital firms.

We have a breadth of experience advising all the parties affected when a company is in financial distress. Our advice includes: group restructurings, debt refinancing, protection of creditors’ rights, liability of board members and investments in distressed debt and liabilities of insolvent companies.

Our experience in insolvency spans the main sectors of an economy. This enables us to confront any corporate distress situation with an in-depth knowledge of the issues at stake and potential cross-border implications.


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Band 1

Carlos de Cárdenas Smith

Uría Menéndez

From the Chambers Europe guide

Carlos de Cárdenas Smith is consistently highlighted by sources as one of the top restructuring practitioners in Spain, with one impressed commentator stating: "He is a senior professional with a lot of experience, and is very pragmatic when looking for the solutions to difficult projects." He heads the firm's corporate and commercial practice and has played a role in many of the most high-profile restructuring and finance operations in recent times.

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Band 1

Linklaters

From the Chambers Europe guide

Head of banking Pedro de Rojas is highly recommended for a broad range of mandates in the restructuring area. He has considerable experience in advising financial entities on corporate finance, leveraged and stock exchange transactions. One impressed client notes: "His legal skill is second to none, but he also has a real appreciation of transaction strategy for his clients. He has a good understanding of the client's business and is able to tailor the advice accordingly."

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Band 1

Freshfields Bruckhaus Deringer

From the Chambers Europe guide

Iñaki Gabilondo is described by market commentators as "a very consistent lawyer with a practical and hands-on approach to issues." He has taken a leading role in several of the most high-profile restructurings in the Spanish market and also specialises in leveraged and acquisition finance transactions. One interviewee describes him as a "really impressive lawyer," and adds: "He manages processes very well, knows when to intervene and can defuse tense moments."

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Band 1

Miguel Lamo de Espinosa Abarca

Gómez-Acebo & Pombo Abogados S. L. P.

From the Chambers Europe guide

Head of banking and finance Miguel Lamo de Espinosa Abarca regularly receives mandates from funds and creditors involved in restructuring actions and distressed situations. "For me he is the top choice for restructuring," reports one client, who adds: "He is a person who really knows the technical side of Spanish restructurings and also understands what concerns his clients; a really good mix between technical know-how and commercial acumen."

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Band 2

J Almoguera Abogados

From the Chambers Europe guide

Head of practice Jesús Almoguera of J Almoguera Abogados is consistently highlighted by peers for his "good experience and reputation" in both restructuring and insolvency mandates. Sources appreciate that "he has a wide experience, a good command of English, and in meetings he is proactive and always looking to offer solutions." He advised ING Bank as a major creditor in the EUR2.5 billion insolvency actions of the Spanish toll roads.

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Band 2

Javier Castrodeza

Cuatrecasas

From the Chambers Europe guide

Javier Castrodeza is recognised by sources as "one of the most experienced lawyers in the area" and a "known figure in the market." His broad practice encompasses restructuring and bankruptcy operations and has made him a strong choice for national and multinational companies across all sectors of the economy.

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Band 2

Carlos Hernández-Canut

Clifford Chance LLP

From the Chambers Europe guide

The "very commercial and knowledgeable" Carlos Hernández-Canut garners respect among sources for his expert practice in refinancing and restructuring mandates. One source is impressed by the breadth of his practice and "really extensive expertise in restructuring as well as new financing." The same source adds: "He is able to give creative and innovative solutions."

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Band 2

Ignacio Ruiz-Cámara

Allen & Overy LLP

From the Chambers Europe guide

Finance expert Ignacio Ruiz-Cámara is recognised for his expertise in restructuring mandates and typically advises clients on leveraged finance mandates. His areas of expertise include the renewables and infrastructure sectors and he regularly handles real estate transactions and project finance matters involving the sale of distressed assets.

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Band 2

Sebastián Sáenz de Santa María

Uría Menéndez

From the Chambers Europe guide

Interviewees describe Sebastián Sáenz de Santa María as "technically very good" and a lawyer who "knows how to manage negotiations." He regularly assists domestic and international lenders with banking and finance mandates and specialises in debt restructuring operations. His recent work includes advising a group of lenders on the restructuring of Condesa Group's debt totalling EUR250 million.

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Band 3

Linklaters

From the Chambers Europe guide

Juan Barona possesses long-standing experience in advising Spanish and international clients on restructuring and acquisition financing mandates. One peer highlights him as "a very prominent individual in the refinancing market." His work includes assisting Hune Rental with the EUR294 million restructuring of its debt.

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Band 3

José Christian Bertram

Ashurst

From the Chambers Europe guide

José Christian Bertram rises in the rankings this year after being highlighted by interviewees for his "expertise and long track record in this specialism." He is instructed by both borrowers and lenders to act on debt restructuring matters and also advises buyers and sellers in connection with secured and unsecured non-performing loan portfolios. One source explains that he "thinks a bit more outside of the box and is a lot more creative than the classic procedural lawyer," and adds that he can "go above and beyond the basic call of duty."

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Band 3

Allen & Overy LLP

From the Chambers Europe guide

Juan Hormaechea has a broad practice and is highlighted by interviewees for his "in-depth knowledge" and "pragmatic approach." He regularly advises clients on pre-insolvency debt restructurings and potential investment in non-performing debt portfolios and corporate rescue financing. Clients appreciate the fact that he is also qualified to practice in England and Wales, with one stating: "He understands the UK lawyer mentality and can bridge the gap to translate that into a Spanish law perspective."

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Band 3

Freshfields Bruckhaus Deringer

From the Chambers Europe guide

Finance expert Ana López has been especially active in assisting Spanish companies with domestic and international restructuring and debt refinancing processes. She advised on the restructuring of the EUR488 million LBO financing granted to Permira for the acquisition of Dinosol Supermercados. One client enthuses: "Her performance has been spectacular, I would highlight her technical ability, negotiation skills, and dedication to the task in hand. Despite the meticulous demands of the work, she's extraordinarily agile and quick in her responses." 

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Band 3

Ángel Pérez López

Uría Menéndez

From the Chambers Europe guide

Clients recognise the prominent role that Ángel Pérez López plays in restructuring mandates. He has also advised creditors and debtors on the debt restructuring of some of Spain’s biggest companies and on the sales and acquisitions of non-strategic assets, such as non-performing loans. One client notes that he is "good at speaking the same language as us, reaching out and staying on top of everything, no matter when the deadline," and adds: "That commercial approach is what we value most."

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Band 3

Francisco Pérez-Crespo

Cuatrecasas

From the Chambers Europe guide

Francisco Pérez-Crespo is recommended for his expert practice in advising investors and companies on complex acquisition and restructuring transactions. He offers additional experience in advising business groups on bankruptcy proceedings. He regularly acts on M&A transactions in the real estate sector and was part of the team which advised Hispania Activos Inmobilarios on the acquisition of hotels whose owner companies were in bankruptcy proceedings.

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Band 4

Ignacio Pallarés

Latham & Watkins

From the Chambers Europe guide

Corporate specialist Ignacio Pallarés of Latham & Watkins is described by interviewees as "fantastic" and "a trusted pair of hands" in the field of insolvency and structured finance. He regularly advises insolvent and troubled entities on both advisory and litigious mandates. His recent work involves advising EIG Global Energy Partners on the negotiation of its investments in a EUR9.5 billion joint venture with Abengoa, in light of the latter's pre-insolvency situation.

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Band 4

Clifford Chance LLP

From the Chambers Europe guide

Sources regard new addition Rodrigo Uría as a practitioner who "shows great dedication to the client." He advises Spanish and international entities on restructuring and refinancing operations often involving syndicated loans, and acquisition and project finance.

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Band 4

Jimena Urretavizcaya

Allen & Overy LLP

From the Chambers Europe guide

Jimena Urretavizcaya is described by sources interviewed as "brilliant, very determined and tenacious." She specialises in domestic and cross-border transactions and has recently advised international financial institutions on financing agreements in pre-insolvency actions. Clients appreciate her expertise in the area, with one commenting: "She's practical and what I like about her is that she has experience of distressed situations."

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Band 4

José Luis Vázquez

Hogan Lovells International LLP

From the Chambers Europe guide

Finance expert José Luis Vázquez heads the restructuring and insolvency practice at Hogan Lovells International LLP and is highly specialised in business and debt restructuring actions. One client praises his solution-oriented approach and adds that "from a commercial standpoint he's good too."

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