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Thursday, February 2, 2023
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M-E advises COFIDES on more than €21m FONREC loans

Martínez-Echevarría has provided legal advice to Compañía Española de Financiación del Desarrollo, S.A., S.M.E., (COFIDES) as manager of the solvency support fund for medium-sized companies in temporary difficulties as a result of the COVID-19 pandemic (FONREC), includeing loans to LLADRÓ, S.A.U., MECANIZACIONES AERONAÚTICAS, S.A., REGISA DC, S.A. and SODICARSA, S.A.

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The advice provided to COFIDES comprises the Due Diligence and verification of the concurrence of the requirements demanded for the granting of temporary public support measures by the Fund and structuring of the different financing contracts and, if applicable, the associated guarantees between FONREC and the applicants of the aid.

The firm has provided advice on the financing operations of: LLADRÓ, S.A.U., MECANIZACIONES AERONAÚTICAS, S.A., REGISA DC, S.A. and SODICARSA, S.A. Some other operations are pending final approval.

COFIDES granted a €8 million loan to Lladró and €13 million to Mecanizaciones Aeronáuticas. The quantity granted to Regisa DC and Sodicarsa, which applied together, has not been disclosed.

COFIDES is being assisted by a multidisciplinary team led by the partner and head of the Finance and Capital Markets department Ramón Ruiz de la Torre, together with Óscar Rodríguez, partner in the same area, and his team formed by Eugenia Hernández-Antolín and Regina Antúnez.

Due to the nature of the different tasks, it has been necessary to rely on the support of different departments specialised in the areas defined by COFIDES, including, among others: Labour, led by partner Gonzalo Blanco and Patricia Navarro; Tax, led by partner and head of the area Igor Martín and Lucas Carrero-Blanco;  Commercial and Corporate, led by partner Óscar Murillo, and (Competition, for the review of the temporary framework of state aid by partner Alfonso Ois Lourenzo.

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