GA_P advises Griñó Group on the approval of the Azor Group restructuring plan

Gómez-Acebo & Pombo has advised the Griñó Group on the approval of the Azor Group restructuring plan. Griñó Group is a leading business group in environmental services and green energy generation. The process was heard by Commercial Court No. 2 of Murcia.

Following the approval of the Celsa Group restructuring plan, also led by Gómez-Acebo & Pombo, this is the second non-consensual plan approved by a Spanish court. It allows creditors to take control of the debtor by capitalising their claims.

In this case, the capitalisation is carried out by an industrial group. The financial creditors had previously agreed to assign their claims against the debtor to that group. The court’s validation of this formula broadens the possibilities offered by the Spanish pre-insolvency system. It also supports the preservation of the productive fabric and distressed M&A transactions. As a result, the Azor Group restructuring plan confirms Spain’s position as a leading jurisdiction in the restructuring sector.

Moreover, this case is the first precedent in which the application of the ordinary regime to an SME forming part of a group required to consolidate has been analysed. The judicial validation of the position defended by the Griñó Group will set an important milestone in Spanish pre-insolvency law. It may also prevent the future use of corporate structures designed to block the court approval of non-consensual restructuring plans.

A milestone for Spanish pre-insolvency law

The GA_P team was made up of Miguel Lamo de Espinosa Abarca, Antonio Ramírez Díez and Rafael Espinosa Nieto from the Banking team; Rodrigo López González, José Antonio Gómez Calafat, Inés Puig-Samper Naranjo, Blanca Moreno Herrero, Zuriñe Sanz Chalezquer and María Vázquez de las Cuevas from the Litigation team; Miguel Ángel Melero Bowen, Víctor Villaverde Varela and Marta Andía Jiménez from the Corporate team; and Javier Gazulla Ascoz from the Tax team.

Read more