AI Issue 5 2018

24 Acquisition International - Issue 5 2018 Abencys Restructuring SLP is composed of a group of independent lawyers and economists specialised in Corporate Restructuring, legal advice, economic-financial practice and forensic. Javier Díaz-Gálvez provided us with an overview of his company and the state of the industry at present, as we look to gain further insight into the company’s extensive success. bencys Restructuring was founded by two senior restructuring advisors, Javier Díaz-Gálvez and Luis Martín Bernardo, who have been working together on both the legal and financial aspects of restructuring and insolvency operations for many years. Boasting an impressive track record, Abencys is positioned as a leading company in the restructuring sector in Spain, thanks to its proven methodology and the collaborative effort between its professionals, all of whom possess broad experience in understanding and achieving the clients’ interests. Offering a vast array of services, the team’s expertise covers advice on contingency planning, debt restructuring and re-scheduling, distressed acquisitions/sales, credit bidding, formal insolvency proceedings, out-of-court re-financings and distressed debt trading. Furthermore, employees are also able to advise lenders and investors at all levels of the capital structure as well as corporates/ directors, central banks, insolvency officeholders/ trustees and government institutions. Possessing a countrywide reputation, Abencys advises throughout the Spanish territory and provides international coverage through European Restructuring Solutions, an organisation formed by independent restructuring firms across Europe. Having built long-term relationships, Abencys is represented by its partners in some of the most reputed and specialised international associations such as TMA (Turnaround Management Association), and INSOL (International Association of Restructuring, Insolvency & Bankruptcy Professionals). Essentially, the insolvency market has suffered because of the GDP growth in Spain since 2014. For the past three years, this growth has been higher than 3% and all the reports by the most recognised experts indicate that 2018 will continue this positive trend. The real estate business and tourism sectors are the forces of growth, which also benefits from the favourable environment, with low interest rates, low inflation and a decrease in the unemployment rate. Currently, many foreign investors have either already invested in Spain or a willing to do it, with this tendency not showing signs of stress. Company: Abencys Restructuring SLP Contact: Luis Martín Bernardo: [email protected] Javier Díaz-Gálvez: javier. [email protected] Address: C/ Velázquez 105. 2ª planta, Madrid 28006, Spain Phone: 0034 91 737 40 55 Website: www.abencys.es Achieving Excellence A 1805AI36 The team at Abencys have observed that, by activity, the companies which suffered most in 2017 in Spain came from the service sector (27% of the total insolvencies); of distribution and trade (20%) and construction (14%). As such, special attention should be made in the real estate sector (13%), in which insolvencies were reduced by 12%, from 603 in 2016 to 568 in 2017. Interestingly, quite the opposite happened in the financial sector, where they increased 26%, with increases also in the health sector (25%), agriculture sector (21%), textile sector (20%) and transport sector (19%). According to the official data, the companies which were declared insolvent during the last year rose in 2017 compared to those in 2016, having increased the average size of their assets by around 6%. In reference to the type of procedure, non-voluntary procedures have decreased by 27% in 2017. Cases of exceptional importance have recently occurred in Spain, standing out above all others Isolux Corsan, an international engineering and construction group. The company filed for insolvency in July 2017, with a debt of 1.675 billion euros. Polaris and Segur Ibérica have also been very relevant cases in 2017. Abengoa, has faced its Divestment Plan selling its bioethanol business in Europe for an amount of 140 million euros and has finally closed its

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