Court approval of refinancing agreements in SpainThe majority of Spanish bankruptcy proceedings end in favor of the debtor. The preliminary phases aim to achieve continuity of businesses that are in critical financial situations. Judicial approval is tantamount to a quasi-automatic resolution of a refinancing agreement, which put minority dissenting creditors at major disadvantages.Read more
Financing Support to Entrepreneurs in SpainSome of the financing measures the Entrepreneurs Law introduces to support investments in Spain include the refinancing agreement, the procedure for appointment of an independent expert, the public deed mortgages and bonds of internationalization and the minimum share capital of mutual guarantee companies (MGC).Read more
Changes in the Bankruptcy Law in SpainThe Royal Decree-Act 4/2014 is focusing on the refinancing agreements which may include waivers and capitalisation of debt and deferral payments. These agreements will essentially make the heavy burden of debt much more manageable for businesses.Read more
Unapproved Refinancing Agreements in SpainA new regime is being introduced in order to give some unapproved refinancing agreements judicial validity. The new regime will enter into force before the effective date of the Real Decree Law; however, the previous regime will still apply unless the parties choose otherwise. Read more
Validated Refinancing Agreements in SpainThe mechanism for legal ratifcation of the refinancing agreement was reviewed under the Real Decree-Law. One of its amendments included extending the effects to non-participating creditors (without collateral) and clarifying its scope via vis-Ã -vis creditors (with collateral). This mechanism is making the conversion of credits into equity loans much more efficient in Spain.Read more
