Dentons, Cuatrecasas and Uría advise on Ezentis Group’s restructuring plan

Dentons, Cuatrecasas and Uría Menéndez have advised on Ezentis Group’s restructuring plan recently approved by the Commercial Court of Seville. Dentons has advised financial institutions creditors of the Ezentis Group, among wich are Banco Santander, BBVA and EBN, in the restructuring process. Uría Menéndez has advised Telefónica de España; Telefónica Móviles España; and Telefónica Soluciones de Informática and Comunicaciones de España.

Also, Cuatrecasas has advised Muzinich in the negotiation of the Ezentis Group restructuring plan.

The transaction from Dentons has been led by Santiago Hurtado, partner head of restructuring at Dentons Spain, who has led a multidisciplinary team in which counsel Javier Royo, banking and finance partner Luis Belart and capital markets partner Ignacio Corujo have also collaborated.

Uría Menéndez legal team has been formed by Manuel García-Villarrubia Bernabé (partner, dispute resolution and insolvency, Madrid); Marta López Narvaez (senior associate, banking and finance, Madrid); Franscico José Caamaño Rodríguez (senior associate, dispute resolution and insolvency, Madrid); Olatz Ortega Espinilla (senior associate, corporate, Bilbao).

The team from Cuatrecasas advising Muzinich was formed by Ignacio Buil, Patricia Álvarez, Fernando Garí, María Lérida and Alejandro Tose from the restructuring department; Ignacio Escrivá de Romaní, Javier Rovira and Elena García from the commercial department; Javier Sánchez and Roma Bastús from the insolvency department; and Rebeca Rodríguez and Javier Calle from the tax department.

This is the first restructuring process that uses some of the most innovative tools incorporated by Law 16/2002 to our regulations. In this sense, it not only extends the competence of Spanish judges to foreign companies with COMI outside Spain, but also extends the write-off to credits with ICO guarantee, allows the issuance of convertible instruments as a formula to improve the recovery and establishes the necessary framework for the adoption of corporate agreements in a restructuring context. 

With the homologation of all the restructuring plans subscribed, the first phase is completed, pending the completion of the corporate restructuring, which will result in the new corporate group that will support the debt once the entity has been restructured.

Grupo Ezentis, the parent company of Grupo Ezentis, is a publicly traded company whose business focuses on the maintenance, operation and construction of electricity and telecommunications infrastructures.