Guide to the global restructuring market in 2014 and forecast for 2015
The seventh edition of the Restructuring Review, once again containing contributions from the Garrigues Restructuring & Insolvency Department, is aimed at the legal affairs departments of large companies, governments, financial and credit institutions and anyone interested in identifying the elements that have characterized the global restructuring market in 2014 and the conditions expected for 2015.
This latest edition of the Restructuring Review covers the 30 most active jurisdictions in Europe, Asia, Africa and the Americas, many of which have seen an upward economic trend in recent years, although there continue to be business restructurings which, while fewer in number, have a greater impact. As the book’s editor explains, although the global economic recovery appears to be a fact, it would be risky to consider that stability has returned, since many of the distorting elements of the financial crisis remain.
The chapter on Spain contains an analysis of the new developments in the Spanish restructuring market in 2014, a year of sweeping legislative changes aimed at rescuing companies that are still financially and economically viable, despite their high level of debt. The new regulations for negotiation of “sustainable debt”, the extension of refinancing agreements to the dissenting minority, the reinforcement of pre-insolvency institutions to enable more stable negotiations from start to finish, or the new Bank of Spain rules to ensure that the internal treatment by entities of refinanced debt does not adversely affect the refinancing processes, are some of the new developments explained in this chapter.
The Spanish chapter ends with a summary of the most notable financial restructuring and insolvency processes in 2014, in which the Garrigues Restructuring & Insolvency Department has played a major role. Together with the formal insolvency proceeding of the corporate owner of “Ciudad Santander”, it explains the key aspects of the restructuring of Pescanova, the reactivation of transactions for the sale of non-performing loan (NPL) portfolios, and entirely new transactions (such as “Proyecto Fénix”), which will take center stage in the Spanish restructuring arena in the coming months.
Garrigues Restructuring and Insolvency Department
