1. Introducción

Entre las medidas de refinanciación de las empresas con problemas de solvencia o liquidez que ha previsto el Real Decreto-ley 4/2014, de 7 de marzo, destacan los estímulos para incentivar la conversión en capital (acciones o participaciones) de la deuda financiera, cuyos costes a menudo lastran la supervivencia de la empresa.

This paper is essentially a commentary on the changes introduced by Royal Decree Act (Order in Council) 4/2014 in respect of applications for clawback (avoidance) orders against or within refinancing agreements.

1. Non-homologated qualified majority refinancing agreements

Arbitrary differences

Introduction This paper sets out to present a concise description of the amendments to the rules governing Spanish pre-insolvency arrangements pursuant to new Royal Decree Act (Order in Council) 4/2014, of 7 March, adopting urgent measures in relation to refinancing and restructuring of corporate debt (“RDA 4/2014”), in force as from 9 March 2014. This new text has introduced a series of important changes, most of them via amendments to the Spanish Insolvency Act (“SIA”), aimed at easing and expediting preinsolvency debt refinancing and restructuring processes in Spain.

Esta nota tiene por objeto comentar las innovaciones introducidas por el RD Ley 4/2014 en el ejercicio de acciones de reintegración concursal contra o en el seno de acuerdos de refinanciación.

1.- INTRODUCCIÓN

El objetivo de esta norma es el saneamiento de empresas capaces de generar beneficios con su negocio ordinario pero que son inviables desde el punto de vista financiero, favoreciendo el “desapalancamiento” o alivio de la carga financiera, procurando que los acreedores no vean mermadas sus legítimas expectativas de cobro. 

Con dicha norma se procura una solución a una “cuestión prioritaria y urgente”, debido a la complicada 

situación por la que pasan multitud de empresas en la actualidad, de las cuales muchas acaban siendo 

Financial entities. Royal Decree-Law 14/2013, of November 29, on urgent measures to adapt Spanish law to European Union law on the supervision and solvency of financial entities. (BOE 287, November 30, 2013)

European Union law on the supervision and solvency of financial entities (Basel III) has been incorporated into Spanish law.

Aim of the Reform

On March 8, 2014, Spain enacted urgent measures to govern refinancing and restructuring of corporate debt ("RDl 4/2014"), modifying several provisions of the Spanish Insolvency Act (the "Act"). The objective of the reform is to improve the legal framework that governs refinancing agreements to remove obstacles that have previously impeded the successful execution of restructuring and refinancing transactions. 

Principal Amendments

Whoever acquires control of a listed company due to a conversion of  debts  into  shares directly attributable to a court-sanctioned refinancing agreement will not have to launch a mandatory bid. This exemption applies automatically without the need for a CNMV evaluation.

INTRODUCTION

Novedades concursales y fiscales introducidas por el Real Decreto‑ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en materia de refinanciación y reestructuración de deuda empresarial (B.O.E. de 8 de marzo de 2014)

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