Eurona Group’s Debt Refinancing

Latham & Watkins has successfully represented the Eurona Group in the refinancing of its debt before the Spanish Commercial Court, which upheld the homologation of the Eurona Group’s restructuring.

In December 2018, the Spanish Commercial Court homologated the restructuring of Eurona’s Group debt and the restructuring of the Group’s capital and corporate structure. The restructuring included an injection of liquidity, the refinancing of existing debt, and a corporate reorganization involving the introduction of a double-Luxco structure and the creation of a new perimeter below the Eurona Group. The Court’s decision to homologate the refinancing was subsequently challenged by dissenting creditors. On October 30, 2019, the Court rejected the creditors’ challenges and — considering the ruling final and not subject to appeal — confirmed the Group’s refinancing and reorganization process that was initiated in 2018.

The Court’s final decision represents a significant victory for Eurona Wireless Telecom, S.A., preventing the restructuring agreement from bankruptcy claw-back actions and extending its effects to dissenting financial creditors.

The Latham team was led by Madrid corporate partner Ignacio Gómez-Sancha (Picture) and finance partner Fernando Colomina, with London finance partner Sanjev Warna-kula-suriya, Madrid litigation associate Leticia Sitges, and Madrid corporate associate Carmen Alonso.

Involved fees earner: Carmen Alonso – Latham & Watkins; Fernando Colomina – Latham & Watkins; Ignacio Gómez-Sancha – Latham & Watkins; Leticia Sitges – Latham & Watkins; Sanjev Warna-kula-suriya – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Eurona Group;