Miguel Lamo de Espinosa analyses the rise of corporate restructurings amid debt maturity pressures | El Confidencial

With a wave of ICO, Cofides, and SEPI loan maturities expected in 2028, companies, banks, and creditor funds are anticipating potential financial problems through debt restructurings.

The aim is to safeguard companies facing temporary challenges, many of which stem from the pandemic or 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 but viable in the long term, preventing blockages from shareholders or creditors and encouraging 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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