Gutovska & Partners advised a Spanish conglomerate on a dispute with a lender over restructuring
Updated: Jul 22, 2019
Gutovska & Partners Spain and Gutovska & Partners London advised a conglomerate of Spanish companies on a dispute with a corporate lender. The dispute arose as the lender refused the request of restructuring after the conglomerate has defaulted on an annual payment of interest and has subsequently issued a formal request to restructure. Contrary to the promissory notes and oral and written promises made by the lender in the process of negotiating the facility (the notes and promises accompanied the process of contractual negotiations, were essential to the acceptance of the terms of the facility by the conglomerate, and were perceived by the conglomerate as an essential part of a deal), the lender refused to enter into restructuring negotiations and threatened a conglomerate with a formal non-compliance and termination of the master agreement. Gutovska & Partners successfully represented the interests of the conglomerate, proved that the promises should form part of the conditions under the contract, and negotiated the restructuring on behalf of the conglomer. The team was lead by partners Olga Gutovska and Felipe Castra.