Recent Amendments to the Spanish Insolvency Act and how these affect the ability to bind minority creditors in Spanish Restructurings

2. Overview Of Refinancing Agreements And Court Homologations
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Refinancing Agreements
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A refinancing agreement, within the meaning of the SIA (the «Refinancing Agreement»), is a transaction which meets the following conditions: (i) the Refinancing Agreement&nbsp, aims at substantially increasing the funds available to the debtor and/or modifying the terms of the debt that is to be re-negotiated by means of the Refinancing Agreement, (ii) the Refinancing Agreement is a part of the debtor’s short and mid-term viability plan, (iii) the Refinancing Agreement has been approved by creditors representing, at least, 3/5 of the debtor’s total liabilities, and (iv) an independent expert appointed by the Spanish Register of Companies (Registro Mercantil) has issued a favourable report assessing, among other issues, the sufficiency of information provided, the reasonability of the Refinancing Agreement, the proportionality of its security and the feasibility of the viability plan…