Spain | Financing and restructuring newsletter First Quarter 2021 (May 2021)

Newsletter prepared by our firm including further analysis on the latest case law, legislation and transactions on finance and restructuring

Spain | Financing and restructuring newsletter First Quarter 2021 (May 2021)
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April 21, 2021

1.- CASES AND TRANSACTIONS

> Nueva Pescanova Case: challenges upheld and revocation of court approval

> Transaction “Annie”: sale of performance-linked loans to consumers

> “Albariño” project: indirect securitization of NPLs and REOs

> Transaction “Higgs”: Sale of NPLs

> Capital Energy: financing a wind farm

> NEENAH: financing to acquire the Itasa Group

2.- LEGISLATION

> COVID-19: Key aspects for companies, financial institutions and funds

> Developments in the EU framework for securitization

3.- CASE LAW

> A 10-year maximum waiting period in compositions

> Clawback of set-off payments

> Concept of control in insolvency proceedings

> Classification of claims held by a joint and several debtor

> Classification of claims held by exiting shareholders

> Early maturity of mortgage loans in declaratory proceedings

> Sale of production units with assets subject to special privilege

> Claims arising from participating loans are subordinated

> Securitization funds are the creditors of securitized claims in insolvency proceedings

> Rescission of payments subject to agreements with the sole shareholder not recorded in the ledger

4.- ADMINISTRATIVE DOCTRINE

> Mortgage cancellation without the privileged creditor’s consent

> Stamp duty on deeds of release for co-debtors in mortgage loans

5.- OTHER NEWS

> Guide and recommendations for the sale of production units in insolvency proceedings

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April 21, 2021