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GA_P advises the Griñó Group in the process of approval of the restructuring plan of the Azor Group, constituting the second precedent of non-consensual restructuring processed in Spain

icon 8 of May, 2025

Gómez-Acebo & Pombo has advised the Griñó Group, a leading business group in environmental services and green energy generation, in the process of approval of the restructuring plan of the Azor Group, followed by the Mercantile Court No. 2 of Murcia.

After the approval of the Celsa Group’s Restructuring Plan, which Gómez-Acebo & Pombo also led, this is the second non-consensual plan approved in court that allows creditors to take control of the debtor by capitalising its claims. In this case, the capitalisation is carried out by an industrial group to which the financial creditors have previously agreed to assign their claims against the debtor. The Court’s validation of this formula broadens the range of possibilities offered by the Spanish pre-bankruptcy system to ensure the maintenance of the productive fabric and distressed M&A operations, confirming Spain as a leading country in the restructuring sector.

Moreover, this case is the first precedent in which the application of the ordinary regime to an SME that forms part of a group obliged to consolidate is analysed. The judicial validation of the thesis upheld by the Griñó Group will set a milestone in Spanish pre-bankruptcy law, preventing the future articulation of corporate structures that block the judicial approval of non-consensual restructuring plans.

The GA_P team consisted 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, as well as by Miguel Ángel Melero Bowen, Víctor Villaverde Varela and Marta Andía Jiménez from the Corporate team and Javier Gazulla Ascoz from the Tax team.

Lawyer mentioned

Miguel Lamo de Espinosa – Partner

Antonio Ramírez – Partner

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Tipology

Deal

Areas and sectors

Banking and Finance

Litigation and Arbitration

Corporate and M&A

Tax

Restructuring and Special Situations

Press contact

Sandra Cuesta
Sandra Cuesta
Director of Business Development, Marketing and Communications
email scuesta@ga-p.com
Madrid, (+34) 91 582 91 00
Sandra Cuesta
Sandra Cuesta
Director of Business Development, Marketing and Communications
email scuesta@ga-p.com
Madrid, (+34) 91 582 91 00
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