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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
21 Apr, 2026
The 28th Corporate Regime: the EU Inc.
The Proposal for a Regulation of the European Parliament and of the Council on the 28th Regime Corporate Legal Framework – ‘EU Inc.’, dated 18 March 2026, introduces a new form of European private limited company. Originally envisaged for start-ups and scale-ups, it has been decided to allow its adoption by all companies. There is no minimum share capital requirement; shares may have no nominal value and may carry multiple voting rights, among other features. The Commission is expected to approve model articles of association so that a company can be incorporated online in less than forty-eight hours and for less than one hundred euros.
PUBLICATION
17 Apr, 2026
Can a framework agreement lacking an exclusivity or minimum orders clause be discharged by breach?
All cases decided by the Supreme Court and their specific details are discussed. There is no single solution to the problem of terminating a framework supply of services agreement without an exclusivity clause or a minimum purchases obligation.
PUBLICATION
12 Mar, 2026
European reform of the sustainability reporting regime under Directive (EU) 2026/470: consequences of its non-transposition into domestic law
Directive (EU) 2026/470 (Omnibus I) has been published, limiting the obligation to prepare a sustainability report to public-interest entities with more than 1,000 employees and a net turnover of more than €450 million during the preceding financial year, as well as to parent companies of a large group that exceed these figures on a consolidated basis. The Directive amends the audit directive, the accounting directive, the corporate sustainability reporting directive (CSRD) and the corporate sustainability due diligence directive (CSDDD).
PUBLICATION
11 Mar, 2026
Uncertificated share pledge creation, enforceability and avoidance (Supreme Court Judgment no.183/2026 of 10 February)
In Judgment no. 183/2026, of 10 February, the Supreme Court analysed the requirements for the validity and enforceability of an uncertificated registered share pledge and examined the conditions for its avoidance in the context of insolvency proceedings.
PUBLICATION
23 Feb, 2026
Irregularities in public sector staffing. Jurisdiction and/or substantive law
When a serious irregularity is found in administrative contracts owing to their employment character, jurisdiction lies with the employment branch of the court system. However, if the administrative route is not outside the scope of the law, jurisdiction lies with the judicial review branch of the court system.
PUBLICATION
13 Feb, 2026
Senior management, membership of the board of directors and insolvency proceedings: single association theory yes, but also employer-employee relationship
Despite classifying the association as a commercial relationship and not an employment relationship, compensation amounts for termination of contract are allowed if they match those accepted by the insolvency practitioners, just as remuneration amounts are allowed if said practitioners had decided to accept remuneration in some months but not in others.
PUBLICATION
09 Feb, 2026
Notarial enforcement of pledges. Is Article 1872 of the Civil Code mandatory? In what sense?
The clause agreed upon must comply, for greater certainty, with the provisions of the new judicial enforcement procedure. It will be necessary to agree on an appraised value, which is not required in Article 1872 CC, because otherwise the award would be similar to a ‘forfeiture proviso’ (pactum commissorium), which the Civil Code neutralised with the drastic imposition of extinguishment of the debt in its entirety.
PUBLICATION
06 Feb, 2026
Automotive and Sustainable Mobility No. 29
Summary of legislative and jurisprudential developments relating to the automotive sector.
PUBLICATION
08 Jan, 2026
Sustainable commute plans: a new obligation for some companies
Companies with more than 200 employees or 100 per shift must have a sustainable mobility plan as part of their collective bargaining, the aim of which is to rationalise journeys
to the place where employees, customers, suppliers and visitors carry out their activities.