In Spain, the legal framework to solve the financial distress of businesses was confined to formal insolvency proceedings until recently, a number of reforms, have created a menu of options to tackle the problem out of court. The deficient results offered by formal insolvency proceedings in practice make this change commendable. The choice of out of court solution will depend on the type of debtor as well as on the kind of measurers needed to bring the business back to solvent trading. The most complete, versatile and practically relevant of the new procedures is the Homologated Refinancing Agreement. Through this vehicle, troubled-but-solvent or insolvent debtors (and groups of debtors) may restructure its business, refinance its debt or bail in its shareholders, with a minimal Court intervention. Although the design of the procedure is subject to improvement in a number of ways, it has already been used successfully to restructure a several highly relevant market participants, many with an important international component. It remains to be seen whether large corporations seeking to solve their financial distress will continue to consider buying an –economy class- ticket to England with a view to reach a scheme of arrangement with its creditors.

中文翻译：

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计划的计划：西班牙商业财务困境的新框架

在西班牙，解决企业财务困境的法律框架仅限于正式的破产程序，直到最近，一些改革创造了一系列解决方案，可以在法庭外解决问题。实际上，正式破产程序所提供的结果不足，使这一变化值得称赞。庭外解决方案的选择将取决于债务人的类型以及使企业重新进行偿付能力交易所需的计量工具的类型。新程序中最完整，最通用且最相关的是“同源再融资协议”。通过这种方式，陷入困境但有偿债能力或资不抵债的债务人（和债务人群体）可以在不需法院干预的情况下重组其业务，为其债务再融资或为股东保释。尽管该程序的设计在许多方面都有待改进，但已成功地用于重组几个高度相关的市场参与者，其中许多具有重要的国际组成部分。寻求解决其财务困境的大公司是否会继续考虑购买飞往英格兰的经济舱机票，以期与债权人达成一项安排方案，还有待观察。