Spain
Introduction - The Spanish Perspective on Restructuring
As described in the country report, the policy reasons behind the Spanish approach to restructuring have been articulated as being two-fold, namely allowing for the restructuring of debts and the preservation of economic activity and employment. The original legislation which seems to have originated in 2003, has been reformed in 2013, 2014 and 2015. The regulation on out-of-court payment compositions and the regulation on the refinancing and restructuring of corporate debts are included in Annex A to the EIR Recast. Legal frameworks in Spain therefore provide a range of options to entities in financial difficulty. These provisions include the stay and the possibility of including dissenting creditors where a majority approves the compromise in a particular class. However, at present Spain has no procedure that includes a cross-class cram-down as such but it seems that the introduction of a procedure that includes a cross-class cram-down may be contemplated.