Obrascón Huarte Lain, S.A.’s Restructuring and Scheme of Arrangement

Linklaters has advised OHL on the deal, while Weil, Gotshal & Manges and Cuatrecasas have advised an ad-hoc group of noteholders.

The restructuring affected existing relationships with the majority shareholder and the outstanding English law high yield bonds, with associated new money capital increases including a rights issues and a private placement to existing shareholders

This scheme of arrangement of a Spanish company tested post-Brexit recognition in Spain of English law schemes of arrangement. The restructuring of the existing high yield bonds included a complex structure containing a partial write-off of the existing bonds, a debt for equity swap of part of the existing bonds and an exchange of the remaining existing bonds for newly issued high yield bonds with a number of bespoke and complex features, all of which required approval by the General Shareholders Meeting of OHL, a company listed in the Spanish Stock Exchanges.

Obrascón Huarte Lain, S.A. is a multinational construction and civil engineering group (OHL Group) headquartered in Spain.

The restructuring was led by a cross-practice Madrid team led by partners Íñigo Berrícano (Picture – Capital Markets) and Ben Crosse (Banking), in collaboration with a London Banking team for negotiation of the lock-up arrangements, English law scheme of arrangement and implementation. The Madrid team included partner Francisco Sainz-Trapaga (Banking), managing associates Jayne O´Connell (Banking), Álvaro Albors (Capital Markets) and Alvaro Albiñana (Tax), senior US associate Hugo Hernandez-Mancha (Capital Markets), associates David Suarez (Banking), James Maguire (Banking), Cristina Yanguas (Capital Markets) and junior associate Ana López (Banking).

The Linklaters London team consisted of managing associates Francesca Amey (Banking), Juliana Leite de Barros (Banking), Jason Heron (Banking), associate Hannah Brown (Banking) and trainees Karan Deol (Banking) and Daniel Leroni (Banking). Trusts advice was delivered by counsel Leah Parry (Trusts).

The Weil team in London was led by Restructuring partners Neil Devaney and Matt Benson. They were assisted by Restructuring associates Jonathon New, Valean Gherendi and Wupya Nandap; Banking & Finance partners Patrick Bright, Nitin Konchady and  Paul Hibbert, counsel Alexander Horstmann-Caines, Stefan Monaghan and Ben Thompson; Corporate partner James MacArthur and associates Jack Gray and Bonian Wu; Tax partner Jenny Doak, counsel Stuart Pibworth and associate Enda Kerin.

A global Cuatrecasas team of lawyers from the London, Madrid, Barcelona, Mexico, Bogota, Lima and Santiago offices, was led by the managing partner of the Cuatrecasas London office Ignacio Buil, senior associate at the Barcelona office María Lérida, mid-level associates at the London office Julia Signes and Fernando Garío, and Javier Vivas, associate at our Barcelona office.

Involved fees earner: Ignacio Buil Aldana – Cuatrecasas; Fernando Garío – Cuatrecasas; María Lérida – Cuatrecasas; Julia Signes Espuch – Cuatrecasas; Javier Vivas – Cuatrecasas; Alvaro Albiñana – Linklaters; Álvaro Albors – Linklaters; Francesca Amey – Linklaters; Íñigo Berrícano – Linklaters; Hannah Brown – Linklaters; Ben Crosse – Linklaters; Hugo Hernandez-Mancha – Linklaters; Jason Heron – Linklaters; Juliana Leite de Barros – Linklaters; Ana López – Linklaters; James Maguire – Linklaters; Jayne O’Connell – Linklaters; Francisco Sainz-Trápaga – Linklaters; David Suarez – Linklaters; Cristina Yanguas – Linklaters; Matt Benson – Weil, Gotshal & Manges; Patrick Bright – Weil, Gotshal & Manges; Neil Devaney – Weil, Gotshal & Manges; Jenny Doak – Weil, Gotshal & Manges; Valean Gherendi – Weil, Gotshal & Manges; Jack Gray – Weil, Gotshal & Manges; Paul Hibbert – Weil, Gotshal & Manges; Alexander Horstmann-Caines – Weil, Gotshal & Manges; Enda Kerin – Weil, Gotshal & Manges; Nitin Konchady – Weil, Gotshal & Manges; James MacArthur – Weil, Gotshal & Manges; Stefan Monaghan – Weil, Gotshal & Manges; Wupya Nandap – Weil, Gotshal & Manges; Jonathon New – Weil, Gotshal & Manges; Stuart Pibworth – Weil, Gotshal & Manges; Ben Thompson – Weil, Gotshal & Manges; Bonian Wu – Weil, Gotshal & Manges;

Law Firms: Cuatrecasas; Linklaters; Weil, Gotshal & Manges;

Clients: Obrascón Huarte Lain, S.A.; Obrascón Huarte Lain, S.A. – ad-hoc Group of Noteholders;

Author: Federica Tiefenthaler