IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Cuatrecasas Gonçalves Pereira Freshfields Bruckhaus Deringer Garrigues Uría Menéndez
	Clifford Chance Gómez-Acebo & Pombo
	Allen & Overy Baker & McKenzie Broseta Abogados Bufete M Vega Penichet CMS Albiñana & Suárez de Lezo DLA Piper Linklaters Ventura Garcés & López-Ibor Abogados
	Deloitte KPMG Abogados Landwell Lupicinio Ramón Hermosilla & Gutiérrez de la Roza Ramos & Arroyo SJ Berwin

As you would imagine in a country with Spain's economic woes, restructuring and insolvency work has been wide ranging and has kept practitioners extremely busy.

"The Spanish economy is suffering heavily from this recession, we've got our specific problems which are basically a very small growth of GDP, therefore, we see more and more companies in financial stress. Financial stress for so many years increases the amount of companies which need restructuring," explains one partner.

There is still a desire from most companies to solve their problems out of court, but the inherent weakness in many – and indeed in the banks – means that insolvencies have been on the up. "Most of the companies would try to restructure out of court, in order to avoid insolvency in court, due to the fundamentals," says one partner. "These companies are very weak, the banks are not ready to restructure these companies, which means that the trend more and more is that the companies have to file for insolvency.

The new insolvency law, introduced in 2009 (Royal Decree 3/2009) has made it easier for companies to reach an agreement with creditors before full insolvency proceedings kick in, however as one would imagine critical amendments still need to be made to make it a more lean and efficient piece of legislation.

Another interesting new development, which has been seen in a number of jurisdictions across Europe, has been the increase in the use of English law governed schemes of arrangement. Again, this is born out of the desire of corporates to seek any means necessary to stay out of the courts. As the Spanish insolvency regime evolves, such foreign structures may decrease in popularity, but until the creases are ironed out, distressed companies will continue to consider all jurisdictions and tools available to them to find one that fits.

Cuatrecasas Gonçalves Pereira is recognised as one of the most active law firms in the Spanish market due to its broad experience of handling both in-court and out-of-court transactions. "Cuatrecasas, Uría and Garrigues are fine in tier one, and three of them are involved in court procedures," says one peer.... [more]

Cuatrecasas Gonçalves Pereira is recognised as one of the most active law firms in the Spanish market due to its broad experience of handling both in-court and out-of-court transactions. "Cuatrecasas, Uría and Garrigues are fine in tier one, and three of them are involved in court procedures," says one peer.

Partner Javier Castrodeza is the key figure involved in most of the firm's restructuring and insolvency mandates. One highlight saw him advise FEBX on its €1.7 billion bankruptcy proceedings, while another example saw him act for Habitat on a €1.5 billion corporate restructuring and for Grupo Bergé on a €1.3 billion debt restructuring.

Another jumbo transaction was delivered by client Grupo Sando when the group called in Francisco Pérez-Crespoa to advise on its global debt restructuring worth €2.1 billion.

In the real-estate sector, the firm also got a share in advising Martinsa-Fadesa's shareholders in relation to the group's bankruptcy proceedings.

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Freshfields is similar to other city law firms in that it puts more focus on out-of-court restructuring work and this strength is reflected in the firm's tier one position. "Normally the firm is doing out-of-court proceedings," says one peer.... [more]

Freshfields is similar to other city law firms in that it puts more focus on out-of-court restructuring work and this strength is reflected in the firm's tier one position. "Normally the firm is doing out-of-court proceedings," says one peer.

The firm has been involved in a number of key restructuring mandates and one example saw Rafael Murillo advising Metrovacesa in an on-going debt restructuring mandate worth €6 billion. Elsewhere Murillo was again involved in advising Reyal Urbis, one of the biggest Spanish real-estate developers, on a debt restructuring in excess of €5.2 billion.

Another leading figure at the firm is partner Vicente Sierra who got his hands on two key deals last year. One saw him act for the Amadeus IT group in relation to Viajes Marsans' insolvency proceedings. The other saw him represent a couple of German financial institutions, protecting their interest in the context of the SOS Cuétara crisis, which involved insolvency proceedings, civil and other criminal actions.

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Garrigues, like peers Cuatrecasas and Uría is active in all forms of restructuring and insolvency work and continues to be seen as one of the market leaders.One substantial in-court transaction saw a team of lawyers, including Antonio Fernández Rodriguez, Josep Ensesa and Juan Verdugo, advise Imgina - Mediapro in relation to its in-court restructuring amounting to over €1 billion in total.... [more]

Garrigues, like peers Cuatrecasas and Uría is active in all forms of restructuring and insolvency work and continues to be seen as one of the market leaders.

One substantial in-court transaction saw a team of lawyers, including Antonio Fernández Rodriguez, Josep Ensesa and Juan Verdugo, advise Imgina - Mediapro in relation to its in-court restructuring amounting to over €1 billion in total. Imagina is a group of companies operating in the communication industry, with a focus on football rights management.

Another notable in-court mandate, closed in November 2010, saw Rodriguez working together with Adrián Thery advising on a €70 million in-court insolvency proceeding following the restructuring of an LBO.

There were more insolvency mandates to come with Verdugo again involved working alongside Thery in an approximately €100 million mandate in relation to the Spanish travel and transport businesses player Viajes Marsans' insolvency case. The duo advised a group of creditors including Santander, Banesto and Banif.

Elsewhere Borja García-Alamán led the team advising the venture capital fund Ahorro Corporación Desarrollo (ACD) on the pre-insolvency and insolvency proceedings of Musgo Distribución. ACD is a controlling shareholder of Musgo, a retail business with almost 300 workers.

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Uría's track-record for both in-court and out-of-court work is recognised by its peers, as one says: "I think these three Spanish law firms [together with Garrigues and Cuatrecasas] have long track-records in this respect."One major deal at the firm saw a team of partners, including Sebastián Sáenz de Santa María, Fernando Azofra and Ángel Alonso, advise a syndicate of over 50 domestic and international banks on the €4.... [more]

Uría's track-record for both in-court and out-of-court work is recognised by its peers, as one says: "I think these three Spanish law firms [together with Garrigues and Cuatrecasas] have long track-records in this respect."

One major deal at the firm saw a team of partners, including Sebastián Sáenz de Santa María, Fernando Azofra and Ángel Alonso, advise a syndicate of over 50 domestic and international banks on the €4.6 billion restructuring of Reyal Urbis, one of the main real estate companies in Spain.

Another similar mandate saw the firm involved again when Carlos de Cárdenas teamed up with Ángel Pérez López advising a syndicate of banks led by ING on the €120 million restructuring of Saprogal. The mandate includes the restructuring of the senior facilities agreement and the conversion of part of the senior facilities, the mezzanine facilities and part of the hedging into a profit participating loan.

On the insolvency side, partner Alonso led the team advising Kavaal Real Estate in relation to the defence against credit held by Kavaal against Nozar in its insolvency proceeding. The mandate was valued at €140 million, and the Nozar insolvency proceeding is believed to be the 4th biggest case ever in Spain worth €1.6 billion.

Another notable insolvency mandate saw Alberto Núñez-Lagos and Iratxe Celaya advising Papelera del Besaya on its insolvency proceeding priced at €20 million.

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According to Clifford Chance's peers, the City law firm "has a good restructuring department", though they see it "more in out-of-court work than in court work".Peers suggest that Clifford Chance should improve its in court restructuring practice as most of international firms are seen as "having a good out-of-court restructuring department".... [more]

According to Clifford Chance's peers, the City law firm "has a good restructuring department", though they see it "more in out-of-court work than in court work".

Peers suggest that Clifford Chance should improve its in court restructuring practice as most of international firms are seen as "having a good out-of-court restructuring department". "The foreign firms I think they all have a good restructuring department, but we see them more out-of-court than in court," says one.

Clifford Chance's Spanish team has been involved in many of the insolvency proceedings involving their traditional banking clients. The firm's leading figure, Iñigo Villoria, acted on Lábaro Grupo inmobiliario's insolvency proceeding, with an approximately €1 billion in liabilities, it is considered to be one of the most important insolvency matters handled under the new insolvency law in Spain. Another key deal for the firm saw José Antonio Cainzos working alongside Villoria in the Martinsa-Fadesa insolvency proceeding where they advised former director and shareholder Manuel Jove Capellán.

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One of the outstanding mandates last year for Gómez-Acebo & Pombo saw the firm advising the Spanish real-estate developer Martinsa-Fadesa and its subsidiary groups on the insolvency proceedings in order to restructure their debt. Lead partners Francisco Peña and María José Paz-Ares led the team and obtained a restructuring agreement priced at €7.... [more]

One of the outstanding mandates last year for Gómez-Acebo & Pombo saw the firm advising the Spanish real-estate developer Martinsa-Fadesa and its subsidiary groups on the insolvency proceedings in order to restructure their debt. Lead partners Francisco Peña and María José Paz-Ares led the team and obtained a restructuring agreement priced at €7.4 billion.

Leading the team in restructuring transactions on the bank side is the firm's key partner Miguel Lamo de Espinosa. One example saw him act for Caja Madrid on a €100 million debt restructuring of the Filmax group, as well as the subsequent insolvency proceedings of Filmax. De Espinosa was also called in on another occasion when the firm advised a syndicate of lenders led by Banesto on the debt restructuring of Grupo Gestair. The cross-border transaction also involved the Portugal and UK offices and was valued at approximately €60 million.

In the paper market, José María Álvarez Arjona led the team advising on Rottneros Miranda's insolvency proceedings. Rottneros Miranda is one of the largest companies within the paper market and a subsidiary of the Swedish group Rottneros.

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The key restructuring and insolvency partner at Allen & Overy is Antonio Vázquez-Guillén who teamed up with Javier Castresana to advise a consortium of banks, including Banesto, Banco Espirito Santo, RBS and Caja Madrid, on the insolvency proceedings worth €250 million of Mediaproducciones, one of the largest audiovisual companies in Spain. Elsewhere, the duo advised Caja Madrid on the insolvency proceedings of a Spanish travel agency Viajes Marsans.... [more]

The key restructuring and insolvency partner at Allen & Overy is Antonio Vázquez-Guillén who teamed up with Javier Castresana to advise a consortium of banks, including Banesto, Banco Espirito Santo, RBS and Caja Madrid, on the insolvency proceedings worth €250 million of Mediaproducciones, one of the largest audiovisual companies in Spain. Elsewhere, the duo advised Caja Madrid on the insolvency proceedings of a Spanish travel agency Viajes Marsans.

In the real estate sector, the duo also acted for Caja Madrid in relation to the real estate group Noriega's insolvency proceedings.
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In the public service sector, Corporacion Jerezana de Transportes Urbanos called in Baker & McKenzie when José Ramón Casado and Laura Camarero advised the company on its insolvency proceedings. The importance of the mandate is due to the relevance of the public service that the company has been providing in Jerez de la Frontera, a city of over 200 thousand inhabitants, and the effects of the termination of the corresponding agreement with the city council.... [more]

In the public service sector, Corporacion Jerezana de Transportes Urbanos called in Baker & McKenzie when José Ramón Casado and Laura Camarero advised the company on its insolvency proceedings. The importance of the mandate is due to the relevance of the public service that the company has been providing in Jerez de la Frontera, a city of over 200 thousand inhabitants, and the effects of the termination of the corresponding agreement with the city council.

The duo then advised Ingersoll Rand on the structured selling process of Koxka, responsible for the manufacture and distribution of refrigerator units and components. The purchaser (AIAC) is a fund specialised in distressed transactions.

Víctor Mercedes was also involved when he advised Riva y García, who acted as one of the shareholders in the voluntary insolvency proceedings of Indo, a listed Spanish group specialised in manufacturing lenses and vision products.
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In line with the real estate sector's restructuring, Broseta Abogados represented a real estate development company Cuatre Carreres on its insolvency procedure, with assets valuation at €90 million.

In another notable occasion, the firm also advised Levante, a football club, on preparing and submitting applications for its bankruptcy and negotiation with creditors and other stakeholders.... [more]

In line with the real estate sector's restructuring, Broseta Abogados represented a real estate development company Cuatre Carreres on its insolvency procedure, with assets valuation at €90 million.

In another notable occasion, the firm also advised Levante, a football club, on preparing and submitting applications for its bankruptcy and negotiation with creditors and other stakeholders.
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CMS Albiñana & Suárez de Lezo was involved in a number of substantial restructuring and insolvency mandates last year, including head partner Juan Ignacio Fernández-Aguado acting for SOS Cuetara on insolvency proceedings worth €250 million.

Another highlight saw Fernández-Aguado advise Caja Madrid on a number of insolvency proceedings involving Prodico, Grupo Dico Empresarial and Atlantis to name but a few.... [more]

CMS Albiñana & Suárez de Lezo was involved in a number of substantial restructuring and insolvency mandates last year, including head partner Juan Ignacio Fernández-Aguado acting for SOS Cuetara on insolvency proceedings worth €250 million.

Another highlight saw Fernández-Aguado advise Caja Madrid on a number of insolvency proceedings involving Prodico, Grupo Dico Empresarial and Atlantis to name but a few. The mandate was valued at €150 million.
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One highlight at DLA Piper last year saw partner Álvaro Lobato advise Administración Concursal de Nozar, the trustees of insolvent company Nozar, in relation to the matters of its insolvency proceedings, including the study and preparation of recovery actions, the preparation of the trustees' report, and legal advice on the creditors appeals.... [more]

One highlight at DLA Piper last year saw partner Álvaro Lobato advise Administración Concursal de Nozar, the trustees of insolvent company Nozar, in relation to the matters of its insolvency proceedings, including the study and preparation of recovery actions, the preparation of the trustees' report, and legal advice on the creditors appeals.
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Lead practitioners Francisco Málaga and Gonzalo Sánchez del Cura at Linklaters led the team advising Poliéster Extrusionado and PET Compañía para su reciclado on the two groups' pre - insolvency and insolvency work. At the same time, the team also advised on the dispute between shareholders.... [more]

Lead practitioners Francisco Málaga and Gonzalo Sánchez del Cura at Linklaters led the team advising Poliéster Extrusionado and PET Compañía para su reciclado on the two groups' pre - insolvency and insolvency work. At the same time, the team also advised on the dispute between shareholders.

Another highlight saw Del Cura again involved advising King Sturge in relation to the two insolvency proceedings in different courts. Both of the cases involved litigation and negotiations with employees and providers as well as the dispute between shareholders.
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Marta Gil de Biedma and Francisco Redondo from Ventura Garcés & López-Ibor Abogados teamed up to advise Núcleo de Comunicaciones y Control on its insolvency and refinancing agreement with a bank syndicate, as well as advise on pre-insolvency negotiations. The mandate was worth €100 million.... [more]

Marta Gil de Biedma and Francisco Redondo from Ventura Garcés & López-Ibor Abogados teamed up to advise Núcleo de Comunicaciones y Control on its insolvency and refinancing agreement with a bank syndicate, as well as advise on pre-insolvency negotiations. The mandate was worth €100 million.

Another notable deal saw Richard Gené advise Engels & Völkers residential GMBH on the restructuring of the Spanish network and the registration of the company franchising activities in Spain.
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One example of Deloitte’s work last year saw Fernando González de Zulueta advise Infodesa, a software development company, on its voluntary liquidation process. Another highlight saw De Zulueta again involved in a similar transaction, advising Kelly Services Selección y Formación on its voluntary liquidation process.... [more]

One example of Deloitte’s work last year saw Fernando González de Zulueta advise Infodesa, a software development company, on its voluntary liquidation process. Another highlight saw De Zulueta again involved in a similar transaction, advising Kelly Services Selección y Formación on its voluntary liquidation process.
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Lupicinio Abogados has been involved in a number of real estate insolvency cases in the last year. One saw Amadeu Blasco, León Barriola and Esther Cubillo work together advising Caja Madrid who acts as a creditor on the insolvency proceedings of a real estate developer with total liabilities above €1 billion.... [more]

Lupicinio Abogados has been involved in a number of real estate insolvency cases in the last year. One saw Amadeu Blasco, León Barriola and Esther Cubillo work together advising Caja Madrid who acts as a creditor on the insolvency proceedings of a real estate developer with total liabilities above €1 billion. Another saw Blasco, Cubillo and Gonzalo Ruiz again advise Caja Madrid on another real estate developer's insolvency proceedings worth €60 million.
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The key restructuring and insolvency partner at SJ Berwin is Alfredo Guerrero. He led the team advising SIDSA on a petition for a declaration of voluntary bankruptcy; in addition, the firm also collaborated with the Bankruptcy Authority in the determination of SIDSA's assets and liabilities.... [more]

The key restructuring and insolvency partner at SJ Berwin is Alfredo Guerrero. He led the team advising SIDSA on a petition for a declaration of voluntary bankruptcy; in addition, the firm also collaborated with the Bankruptcy Authority in the determination of SIDSA's assets and liabilities. In addition, the team also acted for Lartec Desarrollos Inteligentes in relation to its file of petition for the voluntary bankruptcy declaration.

Elsewhere the firm defended La Seda de Barcelona in the restitution proceeding initiated by the Bankruptcy Authority of Provimola. In the proceeding, the bankruptcy authority is claiming for the reintegration of €29 million to the creditors.
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