BrazilA&M expands Financial Restructuring practice into Spain
Within months of launching a Financial Restructuring practice in Norway and Switzerland, Alvarez & Marsal has now also launched the unit in Spain.
At the helm the new practice are two experienced consultants in the restructuring landscape – Mikel Ortega and Yago Fernández. The duo both join from Big Four firm EY, where they teamed up to launch the firm’s Spanish Restructuring wing seven years ago and built it out into a respected practice.
At Alvarez & Marsal, one of the world’s better known players in the restructuring and turnaround space, Ortega and Fernández will seek to repeat their success. Ortega said: “Yago and I are both thrilled to be joining the firm to launch and develop the Financial Restructuring practice in Spain. A&M has established itself as a leader in the field, and we look forward to working to help our Spanish clients navigate these unprecedented times.”
In Spain, Alvarez & Marsal already was active in the areas of corporate transformation, transaction services and disputes & investigations, with a focus on clients in the financial services and private equity sectors.
Fernando de la Mora, Country Head of Alvarez & Marsal in Spain, said that the extension into restructuring comes at a time when demand I surging. “We expect large amount of activity in the areas of bank debt refinancing and restructuring due to Covid-19. Mikel and Yago join us at a perfect time to help clients overturn credit problems and implement solutions to promote viability.”
Ortega has over 20 years of experience advising both lenders and corporates in restructuring situations He has worked with clients across a range of industries, including fashion retail, construction, real estate and industrial products. Fernández’s primary area of expertise is advising distressed companies, lenders and creditors. He also led several debt raisings for the development of real estate projects in Spain with both banks and direct lending funds.
Facing a similarly bright outlook for demand across Europe, Paul Kirkbright, Head of EMEA Financial Restructuring at Alvarez & Marsal, said that the consultancy is planning to enter other key European markets as well as add senior hires in the UK and the Nordics.
In the summer, rival Boston Consulting Group beefed up its Spanish Restructuring practice (BCG Turn) with the addition of two senior advisors.
