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GA_P advises Davidson Kempner on the recapitalisation of Grupo Siro
Gómez-Acebo & Pombo has advised on the acquisition and capitalisation of the financial debt and the additional liquidity provision. With this new investment, Davidson Kempner Capital Management now holds a significant majority of the Group’s share capital. This is one of the main “loan to own” transactions carried out in Spain in recent years, together with Codere and Naviera Armas, in which the firm has also played a leading role.
The advisors in the operation were: Miguel Lamo de Espinosa, Paula Zarzalejos and María Fanego from Banking and Finance, Pablo Fernandez Cortijo, Ignacio de la Fuente, Luis Pinedo and Carolina Orri from Corporate, and Lourdes Escassi and Carmen Abad from Employment.
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The advisors in the operation were: Miguel Lamo de Espinosa, Paula Zarzalejos and María Fanego from Banking and Finance, Pablo Fernandez Cortijo, Ignacio de la Fuente, Luis Pinedo and Carolina Orri from Corporate, and Lourdes Escassi and Carmen Abad from Employment.
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Lawyer mentioned
Paula Zarzalejos – Partner
María Fanego – Senior associate
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Sandra Cuesta
Director of Business Development, Marketing and Communications

Sandra Cuesta
Director of Business Development, Marketing and Communications
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Gómez-Acebo & Pombo
PUBLICATION
14 May, 2025
Permanent incapacity, except if employee decides otherwise or if an excessive burden on employer, no longer triggers termination of contract
The obligation to accommodate the workplace for persons with a permanent incapacity has come to the fore with such incapacity no longer constituting an automatic termination-of-employment-contract event. Now, unless the employee intends otherwise, the employer has three months to make necessary adjustments or to offer a suitable vacant post, and a failure to do so that is not justified on the grounds of excessive burden means not only a breach of law with all its consequences, but also the continuation of the employer/employee relationship with all its consequences.
PUBLICATION
12 May, 2025
Automotive and Sustainable Mobility No. 26
Summary of legislative and case law developments in the automotive sector.
PUBLICATION
01 Apr, 2025
Professional Purchasers of Non-Performing Credit: the new Law is ahead
The content of the Directive on credit servicers and credit purchasers, only of non-performing credit (NPC), has been transposed into Spanish law more than a year late. The Bill introduces the administrative regime for credit servicers and amends, among others, the Consumer Credit Act and the Real Estate Credit Agreements Act.
PUBLICATION
25 Mar, 2025
A first ranking mortgage does not prevent a creditor from accelerating loan maturity due to debtor insolvency
If the creditor has a secured claim (even if the debt is covered by the "value of the security", i.e. the claim is in the money), the debtor cannot avoid the effects of the to-term forfeiture by appealing to the existence of that security because the guarantee referred to in Article 1129(1) of the Civil Code (avoiding to-term forfeiture) must then be another additional guarantee.
PUBLICATION
25 Mar, 2025
La existencia de una hipoteca de primer rango no impide que el acreedor pueda declarar el vencimiento anticipado del plazo por insolvencia sobrevenida del deudor
Si el acreedor goza de una garantía real para la seguridad de su crédito (incluso si la deuda está cubierta por el «valor de la garantía», es decir, que el crédito está in the money), el deudor no puede evitar los efectos de la pérdida del plazo apelando a la existencia de aquella garantía real porque la garantía a que se refiere el artículo 1129.1.º del Código Civil (evitadora de la pérdida del plazo) deberá ser entonces otra garantía suplementaria.
PUBLICATION
14 Mar, 2025
A good ruling on financial assistance: collateral given to secure third-party borrowings is not invalid
This latest Supreme Court ruling on the prohibition of financial assistance in the purchase of shares in the assisting company (assisting as ‘borrower for third party debt’) is to be praised, erasing the bad taste left by the reading of the immediate precedent (Supreme Court Judgment of 20 April 2023, Ezentis) which held an agreement to underwrite the value of the shares sold by the company invalid.
PUBLICATION
10 Mar, 2025
EU doctrine on ‘temporary-work agencies’ applied to non-agency undertakings that ‘assign’ workers
The Court of Justice of the European Union conditions the interpretation of legislation and case law on unlawful assignment of workers. It takes the view that EU legislation on temporary-work agencies must be applied even when an assignment is carried out by an unauthorised company. Something similar to what is provided for unlawful assignments in Spanish employment law.
PUBLICATION
05 Mar, 2025
Penalty for lawful withdrawal from a contract. (Supreme Court [Civil Division, First Chamber] Judgment no. 1471/2024 of 6 November)
PUBLICATION
14 Feb, 2025
Appropriate Dispute Resolution (ADR) in the Public Service of Justice (Efficiency Measures) Act and its effects on limitation periods for civil actions
A few thoughts on Articles 7 through 10 of the Public Service of Justice (Efficiency Measures) Act 1/2025 of 2 January.