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Fermin Garbayo.jpgThe Real Decreto Ley 3/2009 (RDL 3/2009) – approved on 31 March – has finally brought some degree of comfort to those professional lenders (and other creditors) willing to operate in the Spanish refinancing markets. One of the main legal hurdles that lenders in a refinancing scenario had to overcome in the past was that Article 71 of Spanish Act 22/2003 on insolvency proceedings presumed to be prejudicial to the insolvent’s assets, therefore extending the risk of rescission on some arrangements that were in the heart of their business, namely pre-payment of debts, the maturity of which would have otherwise fallen on a date after that in which the insolvency was declared, and creation of security rights on debtor’s assets to secure pre-existing debts or those incurred by the debtor in substitution of pre-existing debts.

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