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Santander Tackles TLAC Deficit With Senior Non-Preferred Surrogate

Santander is considering ways to issue a new type of senior bond well in advance of the requisite legislation being passed, allowing it to chip away at an approximate 30bn issuance target over the next two years, Reuters reported. The Spanish bank said o ...

Daily Headline - global.abi.org - 01/11/2017 - 22:41 - 0 comments

Judicial consideration of the Schemes of Arrangement

The significant changes brought to Spanish insolvency law and introduced in the latest legislative session have been firmly directed at promoting schemes of arrangement as a measure to prevent corporate insolvency. Attachment Size ...

Resource Article - twallace@abiwor... - 12/29/2016 - 13:29 - 0 comments - 1 attachment

IMF Praises Spain For ‘Impressive’ Recovery

Spain has won praise from the International Monetary Fund for its “impressive” economic recovery, in a report that offered strong backing for the political measures taken by prime minister Mariano Rajoy at the height of the recent crisis. “The Spanish ec ...

Daily Headline - global.abi.org - 12/13/2016 - 21:02 - 0 comments

Spanish State May Be Saddled With Bankrupt Motorways, Minister Says

The Spanish government may to have to take over several bankrupt toll roads, the minister for public works said on Monday, adding that the state's chances of reaching a rescue deal involving the motorways' bank lenders was slim. The government ...

Daily Headline - global.abi.org - 12/12/2016 - 20:45 - 0 comments

Abengoa's U.S. Unit, Holdout Creditor Spar Over Bankruptcy Plan

A U.S. subsidiary of Spanish renewable energy firm Abengoa SA pressed a judge on Tuesday to approve its plan to exit bankruptcy over objections from a holdout creditor, who said the plan violated U.S. law by favoring the company's foreign parent, Re ...

Daily Headline - global.abi.org - 12/06/2016 - 22:54 - 0 comments

U.S. Watchdog Says Abengoa Unit's Reorganization Violates Law

A Chapter 11 bankruptcy exit plan by Abengoa SA's main U.S. subsidiary, Abeinsa Holding Inc, violates the law by shielding the Spanish renewable energy parent from lawsuits, according to the U.S. government's bankruptcy watchdog, Reuters report ...

Daily Headline - global.abi.org - 12/01/2016 - 22:26 - 0 comments

Cristiano Ronaldo Accused Of Using Dublin To Avoid Spanish Taxes

A German MEP has accused Ireland of “tax dumping” after it was revealed that Real Madrid football star Cristiano Ronaldo has used an Irish company for many of his commercial contracts, instead of a company in higher-tax Spain, the Irish Times reporte ...

Daily Headline - global.abi.org - 12/01/2016 - 22:26 - 0 comments

Abengoa Asks U.S. Court To Prevent Lawsuits By Rebel Creditors

Spanish renewable energy and engineering firm Abengoa SA has asked a U.S. bankruptcy court to enjoin legal action and future claims by creditors who are unsatisfied with a high-stakes plan to restructure $10 billion of debt, Reuters reported. Abengoa, a ...

Daily Headline - global.abi.org - 11/21/2016 - 20:59 - 0 comments

Spain's Abengoa Posts 9-Month Profit Loss Of 5.4 Billion Euros

Spanish energy firm Abengoa reported a nine-month net loss of 5.4 billion euros ($5.80 billion) on Monday, the week after a court signed off on its debt restructuring plan which should allow it to avoid bankruptcy, Reuters reported. The Seville-based com ...

Daily Headline - global.abi.org - 11/14/2016 - 21:03 - 0 comments

Spanish Unemployment Rate Below 20% For First Time In 6 Years

Spain’s unemployment rate has fallen below 20 per cent for the first time in six years, as the country’s economic recovery continues to power ahead despite 10 months of political deadlock and government drift, the Financial Times reported. According ...

Daily Headline - global.abi.org - 10/27/2016 - 20:06 - 0 comments

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