Approval of first bank-led plan enabling company acquisition through debt

Cuatrecasas has advised Santander bank and CaixaBank on the restructuring transaction and subsequent judicial approval of Grupo Rator’s restructuring plan—promoted by both banks as creditors and the Griñó Group as an investor—a transaction that sets a significant precedent in the field of corporate restructuring in Spain.

The Commercial Court No.2 of Murcia has issued a pioneering judgment that dismisses the opposition raised by the debtors and partners. It approves the plan jointly submitted by the creditors and the investor, in a distressed M&A transaction that opens the door to drive collaboration between banks and enterprises to acquire companies in restructuring situations.

The plan has reduced Grupo Rator's debt by over €80 million, and involves implementing various corporate transactions that will facilitate a change in its management and ownership. As a result, the Griñó Group will become its sole shareholder, ensuring the viability and operational continuity of a strategic company in the recycling sector and circular economy.

The court decision addresses major legal and economical issues, many of which are unprecedented in the Spanish legal practice, setting a particularly important precedent for future corporate restructuring. The banks’ joint and proactive work, in collaboration with a national industrial group, was decisive in ensuring continuity of Grupo Rator's activity, confirming the effectiveness of the new restructuring mechanisms against traditional liquidation insolvency proceedings.

This restructuring plan is a milestone in the sector and helps position Spain as a leading jurisdiction in Europe for business crisis management. The collaboration between the Griñó Group, Santander bank, CaixaBank and their respective legal advisors was key to the transaction’s success, showing the capacity of the new legal instruments to safeguard strategic companies and promote the circular economy.

The advisory team was led by Ignacio Buil and Rosa Gual, partners from the firm’s Restructuring Practice, with lawyers Désirée Cazorla and Lourdes Menéndez also participating.