A&O Shearman excels in cross-border restructuring and insolvency matters, advising on key options such as U.S. Chapter 11 reorganisations, UK and Spanish schemes of arrangement, pre-packaged sales, and debt-for-equity swaps. Clients have praised these capabilities, emphasising that the firm’s ‘extensive international network is also very useful for matters with transnational elements.’ The client roster comprises domestic and international lenders and investors, corporates, governments, banks, hedge funds, and other financial institutions. The team, lauded as ‘committed, hard-working, honest and always willing to help and provide a solution‘, is jointly led by the ‘exceptional‘ Javier Castresana, who advises on Spanish schemes and debt restructurings; Jimena Urretavizcaya, who focuses her practice on restructuring, leveraged finance, and real estate finance matters; Juan Hormaechea, an expert in structured finance, acquisition financing, and equity derivatives; and Ignacio Ruiz-Cámara, who brings extensive experience in restructurings within the renewable energy and infrastructure sectors.

The restructuring, insolvency, and special situations practice at Cuatrecasas is a vital resource for creditors, debtors, management teams, shareholders, investment funds, banks, and corporates seeking advice on restructuring transactions and general insolvency proceedings. The team is adept at representing both creditors and debtors, and is frequently engaged in crisis management matters, ranging from refinancing and distressed M&A to winding up and directors’ liability issues. The team is led by dual-qualified partner (Spain and New York) Ignacio Buil, who is based in Madrid and specialises in financing and debt restructuring transactions. Other key team members include Patricia Álvarez and Fedra Valencia, both based in Madrid. Additionally, Antonio Carreño and Javier Sánchez, working from Barcelona, play crucial roles in supporting clients in large-scale insolvency proceedings.

With a robust and comprehensive practice in restructuring and insolvency, the team at Garrigues provides advice on insolvency proceedings from both a debtor and a creditor’s perspective. The group is adept at pursuing solutions both in and out of court, handling various aspects such as debt rescheduling, asset sales in distressed scenarios, security enforcements, DIP financings, debt trades, and distressed M&A transactions, among others. The client base includes banks, private equity and hedge funds, corporates, boards of directors, and insolvency practitioners. Clients also commend the team for its ‘excellent knowledge of the new bankruptcy law‘. Adrián Thery leads the practice and brings considerable experience in advising on restructuring processes for entities across diverse industries, including shipping, real estate, banking and finance, hospitality, and healthcare. Juan María Jiménez and Borja García-Alamán are both recognised for their ‘excellent technical knowledge’. Juan Verdugo is noted for his proficiency in the refinancing of distressed companies, NPL deals and distressed transactions.

Lauded as ‘one of the best Spanish restructuring firms‘, Gómez-Acebo & Pombo stands out as a market leader in lender-side restructuring transactions. The team’s client roster features large banks, investment funds, hedge funds, insolvency administrators, private equity houses, and major corporates, who regularly turn to the team for assistance with refinancings, debt-equity swaps, and insolvency proceedings. The firm’s cross-border capabilities are noteworthy; the team frequently collaborates with offices in New York, Lisbon, Brussels, and London. Leadership responsibilities are split between Miguel Lamo de Espinosa, who heads up the restructuring side and ‘remains at the top of his game‘, and Rodrigo López, who oversees insolvency matters. Other key figures include Rafael Aguilera, who represents creditors in large-scale restructuring processes; the ‘exceptionally strong‘ Ferran Foix; insolvency law and commercial litigation specialist Irene Arévalo; and Paula Zarzalejos, who ‘understands the interactions between restructuring and finance, delivering fantastic advice in a user-friendly manner’.

Linklaters boasts a well-balanced restructuring and insolvency practice, serving creditors, financial institutions, funds, distressed debtors, and their administrators. The team is particularly well equipped to provide advice on real estate-related restructurings, and has of late advised corporates and banks on distressed asset and debt scenarios within this sector. The group is jointly led by Francisco Sáinz-Trápaga, an expert in restructuring transactions; Ben Crosse, an English law partner who advises on a range of financing deals; Juan Barona, the head of the firm’s banking practice; Borja Fernandez De Troconiz, a key point of contact for matters involving banking litigation and complex insolvencies; and Alex Ferreres.

Uría Menéndez‘s restructuring and insolvency practice is renowned for its deep expertise in a variety of high-profile contentious and non-contentious matters, encompassing company and group restructurings, debt refinancings, direct lending, special situations, as well as general insolvency proceedings and related litigation. The client roster includes both creditors and borrowers, who represent leading Spanish and multinational banks, corporates, and financial institutions. The practice is co-led by Carlos de Cárdenas Smith and Ángel Pérez López, both of whom possess a successful track record in finance and restructuring transactions. Other key team members include corporate and insolvency litigation specialist Javier Yáñez and Sebastián Sáenz de Santa María, who focuses his practice on banking law.

With a balanced restructuring and insolvency practice, the team at Clifford Chance stands out for its transactional capabilities. The team’s expertise extends to matters involving Spanish insolvency schemes, attracting instructions from a client roster that includes leading banks, financial investors, and corporates, often seeking cross-border support. Leadership is split between Eduardo García, who oversees the restructuring side of the practice, and Iñigo Villoria, who heads up the insolvency practice. With considerable experience in structured finance and large-scale restructurings, Epifanio Pérez is another name to note. Felipe Font showcases particular expertise in restructuring mandates and real estate finance. Alexandra Borrallo left the firm in May 2023.

Latham & Watkins LLP‘s restructuring and special situations practice excels in handling cases involving complex financing structures and capital market instruments. The team provides regulatory advice on business restructurings, debt refinancings, distressed M&A, and insolvency litigation; it offers guidance under Spanish, UK, and New York law, frequently collaborating with its global offices. Pedro de Rojas leads the practice, and serves as a key contact for debtors, creditors, and investors with a focus on cross-border restructurings. Other key figures include Ignacio Gómez-Sancha, who specialises in high-value restructurings and special situations, Óscar Franco, an expert in insolvency disputes, and Fernando Colomina, whose wide-ranging practice spans banking, finance, and restructuring transactions.

The team at Pérez-Llorca advises on a broad spectrum of restructuring and insolvency matters, covering subordinate claims, refinancings, recapitalisations, insolvency agreements, company liquidations, and asset sale transactions. It counts some of the largest Spanish banks, corporations, and financial institutions among its key clients. The practice is co-chaired by Javier García Marrero, who specialises in advising financial entities on insolvency proceedings, and the ‘excellent‘ Juan Oñate, an expert in restructuring transactions, including restructuring agreements. Laura Ruiz is proficient in insolvency litigation cases, while Cosme Colmenero is praised by a client for his ‘great commercial sense’.

DLA Piper‘s restructuring and insolvency team advises on both contentious and non-contentious mandates, covering financial and corporate restructurings, foreclosure sales, distressed M&A transactions, and refinancing agreements. Recently, the team has seen increased activity advising funds on special situations, including investments in distressed debt and non-standard financing scenarios. The leadership is shared by Juan Gelabert, who advises domestic and international clients on financing, refinancing, and restructuring transactions; Jose Maria Gil-Robles, whose broad practice includes advising leading distressed debt investors on their restructurings; and Borja De Obeso, who specialises in litigation, arbitration, and insolvency matters.

DWF-RCD‘s restructuring and insolvency practice focuses on debtor-side mandates. The team excels in insolvency administrations, in addition to demonstrating expertise in debt restructuring, investigations, asset tracing, and distressed M&A matters. Led by Jordi Albiol, who often serves as debtors’ counsel and as an insolvency administrator and trustee, the team also includes Cristian Valcárcel, Bernard Afonso, and Albert Díaz, all of whom handle a variety of insolvency administration cases at the local and international level.

Herbert Smith Freehills LLP fields an ‘outstanding and highly technical‘ restructuring and insolvency team that advises on a range of issues, including corporate and debt restructuring, acquisition of distressed debt, disposals, dispute resolution, and insolvency proceedings. The client roster comprises international corporates, financial institutions, and financial investors looking to expand into the Spanish market. The team is co-led by the ‘exceptional‘ Javier De Carvajal, who is ‘very technical' but possesses 'a great commercial vision’; Nicolás Martín, an expert in bankruptcy law; and Armando García-Mendoza, who focuses on debt refinancing and corporate restructuring. Associate Marta Rey is also noted for her experience in restructuring and insolvency matters ‘from both a commercial and legal point of view‘.

The team at Andersen provides guidance across all areas of restructuring and insolvency, covering corporate restructuring, debt recovery, acquisition of distressed companies, and liability of directors and managers. Madrid-based Javier Mata has extensive experience in insolvency proceedings and frequently represents companies from a range of sectors, including infrastructure, construction, energy, and technology. Mata co-leads the practice alongside Marta Morales, based in Sevilla; she is recognised as ‘outstanding in all aspects‘ and advises on restructurings. Also noteworthy is Valencia-based Benjamín Prieto, who specialises in civil and criminal lawsuits and bankruptcy proceedings.

Ashurst LLP‘s restructuring and special situations team is a popular choice for investment banks, distressed investors, hedge funds, banks, private equity houses, and corporates seeking advice on refinancings, distressed M&A, insolvency liquidations, and complex restructuring processes. The team is led by Jorge Vázquez, who also serves as the firm’s managing partner. Vazquez is supported by José Christian Bertram, who advises on structured and acquisition finance, restructurings, and refinancing transactions, and José Antonio Rodríguez, an expert in non-contentious and contentious insolvency proceedings. The practice has strengthened its insolvency credentials with the addition of José Ramón Casado from Baker McKenzie in November 2022.

Situated within a globally integrated network, Baker McKenzie‘s restructuring and insolvency practice advises on a range of matters, including debt restructuring, distressed M&A, and formal insolvency proceedings. The team also offers guidance in the defence of directors and executives against charges for insolvency liabilities. Madrid-based José Luis Yus and Rossanna D’Onza jointly lead the team alongside Marc Prat from Barcelona, who is experienced in litigation and arbitration proceedings. Counsel Laura Camarero is also noteworthy; she focuses on restructuring negotiations and cross-border insolvencies, and is described by clients as an ‘impeccable, proactive professional with solid legal knowledge‘.

Ceca Magán Abogados‘ restructuring and insolvency practice excels in bankruptcy cases, where the team is frequently appointed as bankruptcy administrators or insolvency practitioners, representing major Spanish financial institutions. The team is also well versed in restructurings, with Santiago Torent being a key contact for this type of work. Torent, who joined the firm in September 2022 from Lener, also advises domestic and multinational corporates on structured financings and co-leads the team alongside José Carlos González Vázquez, a specialist in insolvency proceedings praised for his ‘practical approach and financial and procedural knowledge‘. Bankruptcy administration expert Raúl Villarín is also noteworthy. Among team changes, Enric Servat joined alongside Torent from Lener in September 2022.

CMS Albiñana y Suárez de Lezo advises on a broad range of pre-insolvency and insolvency matters, guiding clients throughout the entire proceedings, from the petition of solvency to the proposal of arrangements or liquidation. The team acts for both debtors and creditors, and its client roster includes domestic and international corporates, investors, and financial institutions. It is also well versed in debt restructuring and refinancings, including cross-border matters. Juan Ignacio Fernández Aguado stands at the helm of the practice; he is a go-to adviser for complex insolvencies and has a track record of dealing with contentious proceedings, including litigation and arbitration. Elisa Martín is also an active team member.

Perhaps best known for its dispute resolution capabilities, boutique firm J Almoguera Abogados is also renowned for its expertise in complex and high-value restructuring and insolvency matters. The practice advises on out-of-court arrangements, litigation, and other matters across a range of sectors including public works and infrastructure, heavy machinery, utilities, financial services, and real estate. Jesús Almoguera and recently promoted partners Eduardo Vázquez De Prada and Carlos González Pulido jointly lead the team.

The team at Jones Day takes an interdisciplinary approach to provide insight and advice on both consensual and litigious restructuring and insolvency matters, collaborating closely with the firm’s banking, corporate, litigation, and real estate teams. It excels in cross-border proceedings and counts major investment banks, credit funds, and private equity firms among its clients. Juan Ferré leads the practice and is a restructuring and insolvency expert; he represents clients from a range of sectors, including aviation, automotive, real estate, and construction.

With ‘enormous experience and knowledge of the pre-bankruptcy and bankruptcy world‘, the team at Kepler Karst is a key destination for bankruptcy trustees and corporates seeking advice on the full spectrum of insolvency proceedings. Led by Davinia Sánchez, a name to note for insolvent companies and creditors, and Armando Betancor, who regularly acts for bankruptcy trustees, the practice also features Ana Carpintero, who focuses on commercial litigation and insolvency law.

Praised for its ‘extensive knowledge of all legal issues related to bankruptcy proceedings and the liquidation of bankrupt companies‘, the group at PwC Tax & Legal Services regularly advises banks, financial entities, and debtors. Well versed to advise in domestic cases, given its presence in all Spanish regions, the group can also draw from its international network to handle matters with cross-border elements. The team is led by the ‘exceptional‘ Manuela Serrano Sanchez, an expert in insolvency and corporate restructuring; her expertise includes guiding clients through insolvency administrations, assessing restructuring plans, overseeing the sale and purchase of business units, managing distress processes, and handling litigation. Nicolás Molina stands out for his work as an insolvency administrator, with clients commending his ‘extensive technical and legal knowledge’. 

Ramón y Cajal Abogados regularly advises on group restructurings, creditor rights, board liability issues, debt refinancings, acquisition of business units, and bankruptcies. Its client roster includes corporates and financial institutions from a range of industries, including energy, real estate, and pharmaceuticals. Among recent team developments, Javier Menchén left the firm in March 2023; Amado Giménez, who takes the lead in restructuring matters, is now overseeing the team alongside Ramón Fernández-Aceytuno, responsible for the insolvency side of the practice. Carmen Fernández-Hontoria is also recommended by clients for her proficiency in restructuring and insolvency mandates.

Simmons & Simmons advises on a broad range of restructuring and insolvency matters, encompassing compulsory insolvency proceedings, claw-back actions, distressed debt trading, refinancing agreements, and the implementation of acquisition financing structures. The firm is highly sought after by financial institutions, investment firms, and banks. Heading the team is Andrés Mochales, who has ‘great knowledge of restructuring and procedural issues‘ and is highly reputed in the field of financial litigation. Santiago Hurtado and Javier Royo left the firm in February 2023.