Cuatrecasas advised Banco Santander, CaixaBank and a group of financial institutions on preparing their first restructuring plan and the first request for court approval submitted in Barcelona, under the new consolidated text of the Spanish Insolvency Act.
The firm’s new group specializing in restructuring advised a group of 10 financial institutions—led by Banco Santander and CaixaBank—in negotiations held with debtors to the Reverté Productos Minerales group of companies and other financial creditors (investment funds and public entities) regarding the restructuring plan—and its subsequent court approval—to facilitate the viability of the debtor companies.
The plan restructures a loan of over €45 million and required considerable prior communication with the Spanish Official Credit Institute (ICO), which had guaranteed several of the loans (owned by the financial entities), as did the Recapitalization Fund of companies affected by COVID-19 (FONREC). With the court approval of the plan, the financial institutions seek protection against clawback actions of the new financing and the acts, transactions and agreements required for the negotiations to succeed.
Partners Manuel Follia (Corporate Finance) and Javier Sánchez (Litigation and Arbitration) coordinated the transaction, together with mid-level associate Víctor Caballero (Litigation and Arbitration) and associate Mireia Martínez (Corporate Finance). Also participating in the transaction were associates Alejandro Toste (Corporate Finance) and Juan Barenys (Litigation and Arbitration).
June 30, 2023
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