Regional news: Spain

Weil Distress Index: UK market shows the most distress in Europe

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

Madrid courts reveal new guidance on pre-packs

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

Saudi British Bank accuses Abengoa of “simulating” solvency

A Saudi partner of HSBC has accused the board of directors of Spanish renewables conglomerate Abengoa of decapitalising the company to the detriment of ordinary creditors and failing to file bankruptcy proceedings despite it allegedly being insolvent since 2015.

17 February 2023

Spain’s new pre-pack law tested as nine bidders vie for Abengoa’s businesses

Rival bidders seeking to buy Spanish renewables conglomerate Abengoa’s operating assets are testing new powers to scrutinise pre-pack sales under Spain’s recently enacted transposition of the EU preventive frameworks directive.

13 January 2023

Two new European partners for White & Case

White & Case has bolstered its debt finance and restructuring offerings with new recruits from Herbert Smith Freehills in Madrid and Schalast in Hamburg.

13 September 2022

Kepler-Karst adds partner in Madrid

Spanish insolvency boutique Kepler-Karst has hired a former partner from Martínez-Sanz Abogados, who tells GRR that she expects “great changes” ahead as a result of recent amendments to the Spanish restructuring law.

02 September 2022

Global construction group completes “landmark” pre-pack in Spain

In one of the fastest pre-pack sales since the concept was introduced in Spain two years ago, global construction group Urbas has secured court approval to acquire the production unit of Spanish architecture group Ingeser.

23 August 2022

Angelo Gordon acquires insolvent Spanish hotel chain in pre-pack deal

A Spanish hotel chain founded by a three-time Olympic equestrian has been acquired by US-headquartered investor Angelo Gordon and Canadian hotel manager Westmont Hospitality Group after entering a pre-pack reorganisation in Madrid.

04 August 2022

Abengoa companies enter pre-insolvency after state aid refused

Spanish engineering conglomerate Abengoa has placed a slew of its companies – including the holding entities for the operating parts of the group – into pre-insolvency proceedings, after a failed bid for state aid scuppered its restructuring plan with an American fund.

05 July 2022

Latham, A&O, HSF and Willkie Farr advise on Mediapro refinancing

Advisers from the UK, Spain and Hong Kong have helped Barcelona-headquartered media company Mediapro agree a refinancing deal with a shareholder to strike €500 million from its €900 million debt pile.

21 June 2022

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