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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
More information about
Gómez-Acebo & Pombo
PUBLICATION
21 Jul, 2025
Key points on ‘reasonable adjustments’ due to worker incapacity
The declaration of the worker's incapacity does not automatically terminate the contract, unless the worker expresses his or her wish not to continue working. But permanent absolute incapacity and severe incapacity are incompatible with work. For the rest, the worker has (an extinguishment?) period of ten days to decide and the employer has (an extinguishment?) period of thirty days to decide. Companies with less than 25 employees can assess when the obligation is an excessive burden, but the rest is left to numerous factors, not always objectively measurable. The company must provide a suitable offer without knowing what this suitability depends on.
PUBLICATION
15 Jul, 2025
Offsetting employment claims: can a company offset them unilaterally?
If a collective action is brought to challenge the unilateral conduct of a company in the offsetting of salary claims through a payroll deduction, the amount of the debt and the existence of quantitative discrepancies must necessarily be questioned in order to be able to assess whether or not there is legal offsetting on the part of the employer. Only by admitting that the debt is a liquidated amount that is due and payable will the employer - or the employee, as the case may be - be able to offset the debt, but if the debt is not disputed, the way is open for the offsetting of wage claims.
PUBLICATION
09 Jul, 2025
Once again on the obligations assumed by the signers of a "strong" comfort letter
PUBLICATION
19 Jun, 2025
Company resolutions reached with invalid votes
Although Article 204(3)(d) places them on the same level, the erroneous counting of votes and the counting of invalid votes are very different, given that the latter requires judicial balancing.
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.