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

20 de noviembre, 2013

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…



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