Clifford Chance

Spanish Toll roads benefit from Insolvency Law reform

7 November 2014

Spain has introduced new insolvency legislation with effect from 6 September to deal with motorway toll roads in urgent need of restructuring. It allows for the public authorities to initiate a standard proposal to facilitate the restructuring of all concessionaires. The new law provides for cram down mechanisms allowing proposals for restructuring to be approved with 65% votes of unsecured creditors and 75% votes of each class of secured creditors. It also allows these concessionaires to be dealt with by the same judge, in the same court using the same standard proposal.

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