Linklaters

Restructuring/Insolvency Department

Spain
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What the team is known for Dynamic global firm offering clients an impressive breadth of expertise across restructuring and refinancing issues, with superb credentials on the debtor side of high-profile matters. Repeatedly operates at the very top of the market, with wide-ranging experience assisting clients with different types of restructuring processes, including the Spanish homologation scheme of arrangement. Offers impressive international capabilities, with a team set up to advise under both Spanish and English law, including English-qualified solicitors who are permanently based in Madrid. Well regarded in the market for its counsel to investment funds in the acquisition of distressed debt, as well as representation of indebted companies in formal insolvency proceedings.

Strengths One interviewee effusively praises the lawyers' "negotiation abilities and calm manner of explaining positions to counterparties," and further underlines the team's "creative solutions and out-of-the-box thinking."

Satisfied sources additionally value the department's "great involvement and commitment to the client."

Work highlights Advised Prisa on the restructuring of the company's syndicated debt, in the context of the capital increase and disposal of Media Capital.

Notable practitioners


Francisco Málaga
wins praise for his litigation skills, and frequently represents Spanish debtors in insolvency proceedings. He regularly negotiates work-outs of non-performing loans for big ticket creditors.


Juan Barona
takes a leading role advising international funds on acquisitions within the distressed market. He additionally demonstrates expertise in debt restructuring and refinancing mandates.

Heavyweight
Pedro de Rojas
remains extremely active in the Spanish restructuring space, often retained by high-profile national corporations for debt refinancing deals. He receives consistently high praise from clients, one of whom extols: "He is excellent, attentive and client-focused."