REGIONAL COMMITTEES: EMEA
2026 III EMEA Regional Seminar By Amanda Cohen and José Carles
The EMEA Regional Committee hosted the 2026 III EMEA Regional Seminar on February 19, 2026 at the Escuela de Práctica Jurídica Complutense( Complutense School of Legal Practice) in Madrid, Spain. The conference, open to III members, NextGens and any other interested parties, drew 60 attendees from all over the world. Leading academics, judges, policymakers and practitioners gathered in Madrid for a timely discussion on the evolution of restructuring frameworks across Europe and beyond, at a moment when harmonisation initiatives at EU level intersect with increasingly
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The event opened with welcoming remarks from Mark Bloom( III Chair and Partner at Baker McKenzie), Justice Amanda Cohen( III Director and immediate past Co-Chair of the III EMEA Regional Committee), and José Carles( Partner at CARLES Legal and Co-Chair of the III EMEA Regional Committee). The introductory session emphasized the growing need for coordination between jurisdictions and the importance of combining academic reflection with practical experience. III President Stephan Madaus( Martin-Luther-Universität Halle-Wittenberg professor, Germany) and III EMEA Regional Committee Co-chair Stine D. Snertingdalen also attended the conference.
1. The first panel, moderated by Rodrigo Rodríguez of the University of Lucerne, examined
the operational challenges in the post-Preventive Restructuring Directive landscape. Juana Pulgar( Universidad Complutense de Madrid, Spain), Rosa Gual( Cuatrecasas, Spain), and Agustí Bou( BDO Abogados & Asesores Tributarios, Spain) discussed the current hottest topics in Spanish restructuring proceedings: creditor coordination, the relevance of valuation in order to avoid( or maximize the chance of success in) valuation disputes, court involvement and the balance between flexibility and legal certainty( which at the moment is complicated given the different— even opposite— criteria of Courts in several matters like the ranking of PPLs). Several recent Spanish cases were cited to illustrate emerging trends:
• Vilaseca was referenced as an example of a cramdown confirmed despite only a relatively small percentage of total debt being included within the perimeter of the restructuring plan.
• Grupo Rator was highlighted for the fact that financial creditors themselves filed the restructuring plan, which was subsequently sanctioned by the court. The case illustrates creditor-driven restructurings and the increasing willingness of courts to validate plans promoted by creditor majorities where statutory safeguards are met.
2. The second panel focused on group restructurings, increasingly central in complex cross-border cases with parallel proceedings such as Intercement. Moderated by Prof. Ignacio Tirado( Secretary General of UNIDROIT), the discussion addressed COMIissues, coordination across proceedings, intragroup guarantees and value allocation within distressed corporate groups. Stephan Madaus addressed the available international tools that provide for coordination
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