GA_P and Cuatrecasas advise on Santander and CaixaBank debt-based acquisition plan

Cuatrecasas has advised Banco Santander and CaixaBank in the restructuring operation and subsequent judicial approval of the restructuring plan of Grupo Rator, promoted by both banks and the Griñó Group as investor, advised by Gómez Acebo y Pombo (GA_P) in an operation that sets an important precedent in the field of corporate restructuring in Spain.

The deal

The Mercantile Court number 2 of Murcia has issued a pioneering ruling, which rejects the opposition of debtors and partners and approves the plan presented jointly by the creditors and the investor, in a distressed M&A case that opens the door to promote collaboration between banks and companies to acquire companies undergoing restructuring. The plan, which has enabled the Rator Group to reduce its indebtedness by more than 80 million euros, contemplates the execution of various corporate operations that will facilitate a change in both the management and ownership of the group. As a result, the Griñó Group will become its sole shareholder, guaranteeing the viability and operational continuity of a strategic company in the recycling and circular economy sector. The court decision addresses issues of great legal and economic significance, many of them unprecedented in Spanish judicial practice, and sets a precedent of particular relevance for future corporate restructurings. The joint and proactive work of the bank, in collaboration with a national industrial group, has been decisive in ensuring the continuity of Grupo Rator’s activity, confirming the effectiveness of the new restructuring mechanisms as opposed to the traditional liquidation bankruptcy processes.

This restructuring plan is a milestone in the sector and contributes to position Spain as a reference jurisdiction in Europe for the management of corporate crises. The collaboration between Grupo Griñó, Banco Santander, CaixaBank and their respective legal advisors has been key to the success of the operation, demonstrating the capacity of the new legal instruments to safeguard strategic companies and promote the circular economy.

The team

Cuatrecasas’ advisory team has been led by Ignacio Buil and Rosa Gual, partners of the Restructuring group, which has counted with the lawyers Désirée Cazorla and Lourdes Menéndez.

GA_P acted with a team composed by Miguel Lamo, Rodrigo López y Antonio Ramirez.