Regional news: Spain

Following months of valuation disputes, a Barcelona court has sanctioned Spanish steelmaker Celsa’s creditor-proposed restructuring plan using a new cramdown mechanism, in what is the first non-consensual restructuring under Spain’s recently reformed insolvency law.

08 September 2023

The Irish founder of a Chilean renewable energy group and its US lenders have tentatively settled a dispute over a Chapter 11 filing in Texas as part of an ownership battle that has led to litigation worldwide.

05 September 2023

A subsidiary of Spanish distressed real estate loans manager Haya Holdco has obtained sanction of its second English scheme of arrangement in as many years, allowing it to distribute the €136 million proceeds of sale of its main operating subsidiary to secured noteholders.

29 August 2023

The Irish founder of a Chilean renewable energy group has moved to dismiss an “unusual” Chapter 11 petition filed by administrators purportedly appointed by its US lenders, in an escalation of an ownership dispute that has been playing out in the US, Chile, Ireland and Spain.

22 August 2023

A group that invested in distressed real estate has been permitted to convene a single class meeting for its second English scheme in as many years, in order to distribute proceeds from the sale of its wholly-owned Spanish-registered operating subsidiary.

28 July 2023

Bob Wessels considers a Dutch court case from March 2023 in which a Spanish bank with a secured claim learned an expensive lesson when dealing with the bankrupt Dutch owners of a Spanish holiday home.

11 May 2023

UPDATED: Spanish pizza delivery and dine-in group Food Delivery Brands has agreed the key terms of a refinancing and recapitalisation agreement that will see its creditors take control.

04 May 2023

Renewables conglomerate Abengoa’s operating assets will be acquired by Spain’s Cox Energy, after a Seville court approved the first-ever accelerated sale under Spain’s new pre-pack legislation transposing the EU’s preventive frameworks directive.

20 April 2023

The UK is showing more signs of distress compared to other parts of Europe and is the only major European economy still expected to enter a recession this year, Weil Gotshal & Manges’ latest Distress Index figures confirm, as they suggest distress has eased in most other key European countries.

30 March 2023

Five months after Spain introduced formal pre-pack procedures into its national legislation, the Madrid courts have issued guidelines on how to use them, which local lawyers say will provide greater transparency and clarity.

28 February 2023