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Garrigues’ new international guide on corporate restructurings

11/03/2016

Garrigues has been selected once again as one of the prestigious international law firms to contribute to “The Restructuring Review”, the go-to international guide on corporate restructuring.

The UK publishing house Law Business Research has again turned to Garrigues’s Restructuring & Insolvency Department for the ninth edition of this guide. The Garrigues partners by which the chapter on Spain will once again be written are 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 over the second six months of 2015 and the first six months of 2016, as well as summarizing the main legislative developments in 28 countries across five continents, with a special focus on Latin America, Asia and Europe.
 
The guide highlights Garrigues’ participation in major transactions concluded in Spain, including its advisory services to hedge funds in relation to the purchase of loan portfolios (such as the Baracoa Project, worth €800 million), the refinancing of the sustainable debt of major renewable energy corporations (Aliwin), or the management of the interests of credit institutions in insolvency proceedings with important cross-border implications (TP Ferro). Mention is also made of the advisory services provided by Garrigues to the consulting firm McKinsey within the framework of the so-called “Phoenix Project”, a formula devised by the leading Spanish financial institutions to rescue companies which are highly leveraged yet viable (GAM, Bodegas Chivite and Condesa).
 
The Restructuring Review’s chapter on Spain summarizes the latest legal developments that have consolidated the transition of Spain’s traditional insolvency law towards a modern “restructuring law”. In particular, it explains the new formula devised by the Spanish government for the amendment of the content of arrangements with creditors reached within insolvency proceedings, provided that the breach takes place before May 2017, or the new legal regime for pledges over future collection rights, which will have major implications for many insolvency proceedings affecting Spanish toll-road operators.
 
The content of the chapter on Spain can be accessed via this link:
 
 

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