Finance and Restructuring Newletter | 2nd Quarter 2021

1.- CASES AND TRANSACTIONS

- OHL: Restructuring

- STANDARD PROFIL: First issuance of high-yield bonds

- ATRESMEDIA: Refinancing and conversion to sustainable finance

- ELSAMEX: Court-approved MBO by direct sale

- BANCO CETELEM: Incorporation of “Autonoria Spain 2021, Fondo de Titulización”

2.- LEGISLATION

- COVID-19. Key aspects for companies, financial institutions and funds Sustainable finance: new EU initiatives

3.- CASE LAW

- Clawback of payment made in performance of a contract subject to the law of a Member State other than the State of the opening of proceedings.

- Price deferral is an act with a purpose similar to that of loans.

- Termination of guarantees owing to closely related party and deposit.

- Lapse of the term to exercise the right to settle disputed debts.

- Requirements and consequences of being categorized as an accomplice in culpable insolvency

- Subordination of claims and conditions precedent

4.- ADMINISTRATIVE DOCTRINE

- Agreement on direct sale proceedings