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    El “valor de la garantía real” y el “sacrificio desproporcionado” en los acuerdos de refinanciación del RD Ley 4/2014
    2014-03-26

    En los acuerdos de refinanciación homologados 1. Según el apartado 2 de la DA 4ª, a los efectos de la presente disposición se entenderá por “valor de la garantía real” de que goce cada acreedor el resultante de deducir, de los nueve décimos del valor razonable del bien sobre el que esté constituida dicha garantía, las deudas pendientes que gocen de garantía preferente sobre el mismo bien, sin que en ningún caso el valor de la garantía pueda ser inferior a cero ni superior al valor del crédito del acreedor correspondiente. Alcance 2.

    Filed under:
    Spain, Insolvency & Restructuring, Gomez-Acebo & Pombo Abogados, Debtor, Refinancing
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Royal Decree- Law 4/2014 of 7 March 2014, on urgent matters in relation to refinancing agreements and debt restructuring
    2014-03-27

    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 "RDL 4/2014"). The RDL 4/2014 has  been published on 8 March 2014 in the Spanish Official Gazette and it entered into force on the day  immediately following its publication.

    Filed under:
    Spain, Insolvency & Restructuring, Hogan Lovells, Debtor, Refinancing, Debt restructuring
    Authors:
    José Luis Vázquez , Javier Gazulla , Alejandro González
    Location:
    Spain
    Firm:
    Hogan Lovells
    Spanish insolvency law reform
    2014-03-31

    The Spanish Insolvency Act has seen its most material amendment come into effect on 9th March 2014 by Royal Decree - Law 4/2014 . The law now provides for a more flexible system and reduces equity leverage. Under the new law, it is now possible for a Refinancing Agreement  (which satisfies the legal requirements for such agreement) to be court approved in a Court Homologation process which will bind dissenting creditors. In practice, 75% of Syndicated Loan creditors can now bind the remaining 25%.              

    Filed under:
    Spain, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Refinancing, Broadcast syndication
    Location:
    Spain
    Firm:
    Cadwalader Wickersham & Taft LLP
    Amendments to Spanish Insolvency Act now effective
    2014-03-11

    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

    Filed under:
    Spain, Insolvency & Restructuring, Jones Day, Debtor, Debt, Liability (financial accounting), Refinancing, Corporate bond
    Authors:
    Juan Ferré , Luis Muñoz
    Location:
    Spain
    Firm:
    Jones Day
    Legal flash - securities market exemption from mandatory takeover bids: rescue operations
    2014-03-12

    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

    Filed under:
    Spain, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Cuatrecasas, Public company, Shareholder, Market capitalisation, Debt, Refinancing
    Location:
    Spain
    Firm:
    Cuatrecasas
    Material reform of the Spanish Insolvency Law
    2014-03-18

    Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
    Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Salman M.

    Filed under:
    Spain, Insolvency & Restructuring, Latham & Watkins LLP, Debtor, Sustainability, Limited liability partnership, Refinancing
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    Spain: Royal Decree Law 4/2014 adopting urgent measures on business debt refinancing and restructuring
    2014-03-18

    On March 7, 2014 the Spanish Government approved the Royal Decree Law 4/2014 adopting urgent measures on business debt refinancing and restructuring ("Real Decreto-ley 4/2014, de 7 de marzo, por el que se adoptan medidas urgentes en material de refinanciación y reestructuración de deuda empresarial" or "RDL 4/2014"). The aim of this new regulation is the implementation of legal measures necessary to achieve the viable restructuring of debtors.

    Filed under:
    Spain, Insolvency & Restructuring, Bird & Bird LLP, Debtor, Debt, Refinancing
    Location:
    Spain
    Firm:
    Bird & Bird LLP
    Main amendments to Spanish pre-insolvency debt restructurings introduced by Royal Decree Act 4/2014
    2014-03-19

    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.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Gomez-Acebo & Pombo Abogados, Debtor, Debt, Refinancing, Debt restructuring
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Recent developments in Spanish Schemes of arrangement
    2014-01-27

    In 2011, the Spanish legislator introduced the court-sanctioned refinancing agreement (‘Spanish Scheme’) in the Spanish insolvency system. While the introduction of the Spanish Scheme has been praised for providing new tools for debtors to reorganise out-of-court while addressing the collective action problem, certain of its provisions have made this instrument too rigid and, thus, ineffective for tackling Spanish restructurings.

    Filed under:
    Spain, Company & Commercial, Insolvency & Restructuring, Litigation, Cuatrecasas, Debtor, Debt, Refinancing
    Authors:
    Íñigo Rubio Lasarte , Ignacio Buil
    Location:
    Spain
    Firm:
    Cuatrecasas
    Legal flash - Corporate and Commercial and Litigation Practices - Royal Decree-Law 4/2014 amends the Insolvency Act
    2014-03-10

    Royal Decree-Law 4/2014, of March 7, on urgent measures for refinancing and restructuring corporate debt, substantially amends the Insolvency Act (particularly regarding the regulation of refinancing agreements and their court sanctioning, and other pre-insolvency institutions). It also modifies the exemption on mandatory takeover bids for rescue operations and extends for one more year (and broadens the scope of) the special regime for calculating loss based on impairment in cases of mandatory capital reduction and mandatory dissolution of companies.

    Filed under:
    Spain, Banking, Insolvency & Restructuring, Litigation, Cuatrecasas, Debtor, Refinancing
    Location:
    Spain
    Firm:
    Cuatrecasas

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