Garrigues features in a new international guide on corporate restructuring


Garrigues has been re-selected as one of the prestigious international law firms to contribute to The Restructuring Review, the go-to international guide in the field of corporate restructuring.

The UK publishing house Law Business Research has again turned to the specialists in Garrigues’s Restructuring and Insolvency Department for the eighth edition of The Restructuring Review. The partners at Garrigues who will be repeating as authors of the Spain chapter are Antonio Fernández, Borja García-Alamán, Adrián Thery and Juan Verdugo.

The Restructuring Review provides an overview of the most important international transactions in the legal restructuring market concluded between the second six months of 2014 and the first six months of 2015, as well as a summary of the main legislative developments spanning 28 countries over the five continents, with special focus on Latin America, Asia and Europe.

The editor of the review, Christopher Mallon, has again singled out Garrigues’s involvement in the most noteworthy transactions concluded in Spain, including its advice to hedge funds in the purchase of one-off credit portfolios (such as Project Amazona, worth EUR 800 million), the sustainable debt refinancing of companies using new legal instruments (Petromiralles Group) and the implementation of structural alterations in insolvency proceedings as a way of making healthy business projects viable (Jofel Group).

The Restructuring Review’s chapter on Spain summarizes the latest legal developments that have consolidated the transition of traditional insolvency law in Spain towards a modern ‘restructuring toolkit’, making it possible to design solutions that are more complex and sophisticated but equally effective in order to combat situations of financial distress.

The new developments in Spain covered by this edition include the weakening of secured creditors in debt restructuring processes (both court-based and out-of-court restructurings), the introduction of cram down for dissenting creditors, similar to that existing in overseas legal systems, and the strengthening of ‘protective shields’ for companies in distress which, since 2014, have been able to renegotiate their debt from a position of stability without the threat of unilateral action by their creditors.

The chapter on Spain is accessible via the following link


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