Restructurings gain ground ahead of upcoming ICO, Cofides and SEPI loan maturities | El Confidencial

Restructurings are becoming increasingly relevant. A wave of ICO, Cofides, and SEPI loan maturities is expected in 2028. As a result, companies, banks, and creditor funds are anticipating potential financial problems.

The aim is to safeguard companies facing temporary challenges. In many cases, these difficulties stem from the pandemic. They also reflect the inflationary impact following the war in Ukraine.

“Rather than a change in attitude, this reflects an understanding of the rules. The parties involved are already familiar with them—the advantages and the limitations alike—and the fact that restructurings can be enforced makes reaching consensus both easier and more advisable. This is a dynamic that will ultimately prevail.” says Lamo de Espinosa.

The insolvency framework introduced in 2022 allows intervention in companies at risk of insolvency. However, these companies must remain viable in the long term. Therefore, the framework helps prevent blockages from shareholders or creditors. It also encourages consensual negotiation. Cases such as Celsa, where bondholders took control of the company, and other major restructurings like Telepizza, Naviera Armas, Pronovias, or Ezentis, have tested the rules and helped consolidate this trend.

This reflects a broader shift in Spain, with restructurings becoming increasingly common in the mid-market and growing confidence in legal mechanisms to protect viable companies from financial shocks.

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