Restructuring & Insolvency Work Updates 4-2013
This bulletin contains the latest judgments passed by the Supreme Court on insolvency matters, as well as a selection of rulings approving refinancing agreements and extending those to dissenting lenders under the so-called “Spanish scheme” tool.
The bulletin also highlights two judicial decisions that came to the attention of legal market: the first one concerning the quorum of Creditors Meeting when secured creditors supported in advance a Creditors Arrangement, and the second one ordering interim measures against the lenders jointly with a “concurso” order.
1. CASE COMMENTARIES
JUDGMENT dated July 11, 2013 rendered by Alicante Commercial Court no. 1
Arts. 116.4, 118.3 and 123 LC.-- Quorum for convening a creditors’ meeting. Preferred creditors that have signed up to an arrangement form part of the quorum for convening the meeting.
DECISION dated June 14, 2013 rendered by Madrid Commercial Court no. 2