Medina Cuadros Abogados has acted as exclusive legal advisor to Cox Energy in the process of awarding the productive units of Abengoa, in the related insolvency proceedings of 33 companies of the Andalusian group, processed in the commercial court number 3 of Seville since last November 2022.
Within the framework of the aforementioned insolvency proceedings, the bid submitted by Cox Energy, valued at 564 million euros, has been awarded the production units of the different business areas and Abengoa’s corporate headquarters. The offer presented guarantees the maintenance of Abengoa’s more than 9,500 workers and the payment of bankruptcy claims, in addition to providing the company with 3.2 billion euros of workload for the next three years with guaranteed profitability.
Medina Cuadros’ team of lawyers, led by its managing partner, Antonio Medina, has provided its extensive experience in mergers and acquisitions to comply with the new legal requirements and ensure the success of the transaction, working closely with Cox Energy and the transaction’s financial advisor, Arcano.
Abengoa’s awarding operation to Cox Energy has been affected by the new regulation of the Consolidated Text of the Insolvency Law 16/2022, which came into force last September and which has entailed important changes in the insolvency regulations, having therefore a significant transcendence and being considered as the most relevant both from the financial point of view and due to its legal complexity, since the entry into force of the regulation.
“We are very pleased to have participated in this major transaction. The experience of our team of lawyers and our ability to work closely with our clients have allowed us to provide a high level legal service, thus contributing to the success of this transaction,” said the managing partner of Medina Cuadros.
The participation of Medina Cuadros Abogados in the operation of award of Abengoa to Cox Energy has been another example of its experience and capacity in legal advice in complex M&A transactions, consolidating its position as one of the most relevant law firms in this field in Spain.
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