Restructuring

Our approach · The right questions change the outcome

For more than three decades we have advised on financial and operational restructurings of Spanish and international companies. We have worked on judicial confirmation proceedings, restructuring plans with cross-class cram-down of dissenting creditors and out-of-court negotiations with bank syndicates in highly complex contexts. That track record has taught us one thing: the outcome of a restructuring is rarely decided by the rule itself. It is decided by the questions that are asked — and when they are asked.

Has your client analysed how the formation of creditor classes can reshape the balance of power in the negotiation, before the plan is filed? Do you know how far judicial confirmation can really go — and where it begins to enter territory in which a dissenting creditor has solid arguments to challenge it? Have you considered what happens when the best interest of creditors test (BIC) and the absolute priority rule (APR) point in different directions, and who decides which prevails? Do you know the real limits of cross-class cram-down — what can be forced through the fairness test and what cannot be imposed even if the judge confirms the plan?

These are not rhetorical questions. They structure how we work from day one of the engagement. If your company — or your client — is facing a restructuring, the time to ask them is before sitting down to negotiate.

Bank refinancing

Negotiation with financial institutions to restructure syndicated and bilateral debt. Standstill agreements, haircuts, extensions and grace periods.

Viability plans

Detailed financial analysis, cash flow projections, scenario design and formal presentation to financial creditors.

Court-confirmed agreements

Negotiation and formalisation of judicially confirmed refinancing agreements with protection against clawback actions.

Operational restructuring

Corporate reorganisation, strategic divestitures, structure rationalisation and resource optimisation.

Tens of M€

In syndicated debt refinanced

Confirmed

Court-confirmed agreements

Standstill

Negotiations with bank syndicates