The Spanish Council of Ministers passed on 7 March 2014 the Royal Decree-Law 4/2014, on urgent matters in relation to refinancing agreements and debt restructuring. The main purpose of the new law is to ease the successful completion of refinancing and debt restructuring processes. Here we focus on the major reforms with updates from three separate authors, each giving us their views on different aspects of the reforms: Agustín Bou (pre-packs), Dr. Bernardino Muñiz (cramdown) and Alberto Álvarez Marín (moratorium), with a final update from Agustín Bou.

Spain—On 5 September 2014, Spain enacted urgent measures ("RDl 11/2014") to facilitate restructurings and avoid the liquidation of companies which, under the previous regime, might have been forced into liquidation. RDl 11/2014 modifies several provisions of the Spanish Insolvency Act. The reform seeks to improve the legal framework that governs voluntary arrangements between creditors and sales of distressed businesses outside of insolvency, by removing certain obstacles that previously impeded successful reorganisations.

EUROPEAN UPDATE: Strengthening Pre-Insolvency Tools: A U-Turn in Spain’s Restructuring Legislation (citation: Adam Gallagher, Jesús López Bragado and Jorge Puyol, Strengthening Pre-Insolvency Tools: A U-Turn in Spain’s Restructuring Legislation, XXXIII ABI Journal 9, 36-37, 60-61, September 2014) - Adam Gallagher, Jesús López Bragado and Jorge Puyol

Has Europe turned the corner? Is the euro crisis over? And what about Spain? Is the Spanish economy definitely on the mend? The answer to these questions is a cautious but unquestionable yes.

EUROPEAN UPDATE: Don’t Be Misled by the Wording: There Is No Scheme of Arrangement in Spain (citation: Adam Gallagher and Natalia Gómez, Don’t Be Misled by the Wording: There Is No Scheme of Arrangement in Spain, XXXIII ABI Journal 2, 48-49, 94-95, February 2014) - Adam Gallagher and Natalia Gómez

The benefits of belonging to a group of companies are well known. The integration of companies within a group not only improves each of the companies’ individual competitive position within their respective market but also (and most important)represents an upgrade of their position when dealing with third parties and in particular regarding the access to external finance

The U.S. Court of Appeals for the 1st Circuit (Maine, Massachusetts, New Hampshire and Puerto Rico) on 24 July 2013 ruled that Sun Capital Partners was jointly liable with one of its portfolio companies for a $4.5 million withdrawal liability from a multi-employer pension plan

According to the latest report from the SpanishNational Statistics Institute (Instituto Nacional de Estadística: Estadística del Procedimiento Concursal (EPC),Cuarto trimestre de 2012.

A chorizo is a spicy Spanish sausage, best accompanied by a glass of Rioja, though often sliced and served in a doughy bocadillo, or sandwich. Chorizo is also slang for a swindler or cheat. At protests against Mariano Rajoy’s government demonstrators have taken to waving loaves aloft and shouting: “There isn’t enough bread for so many chorizos!” The Economist reported. Now the allegations have touched Mr Rajoy directly. “Never, ever have I received or handed out black money,” he insisted on January 21st.

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL AND THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE on the application of Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings The European Commission has published its report on the application of the EC Regulation on Insolvency Proceedings, together with proposals for amendments to the Regulation.