A few months after launching a financial restructuring practice in Norway and Switzerland, Alvarez & Marsal has now also launched the unit in Spain.
At the helm of the new firm are two experienced consultants in the field of restructuring: Mikel Ortega and Yago Fernández. The duo both joined Big Four EY, where they partnered to launch the firm’s Spanish restructuring wing seven years ago and have made it a respected practice.
At Alvarez & Marsal, one of the world’s best-known players in corporate restructuring and turnaround, Ortega and Fernández will seek to repeat their success. Ortega said: “Yago and I are both delighted to join the firm to launch and grow the practice of financial restructuring in Spain. A&M has established itself as a leader in the field, and we look forward to working to help our Spanish clients through this unprecedented period. “
In Spain, Alvarez & Marsal was already active in the areas of business transformation, transaction services and litigation and investigations, with a focus on clients in the financial services and private equity sectors.
Fernando de la Mora, Country Manager for Alvarez & Marsal in Spain, said the restructuring extension comes at a time when demand is booming. “We expect a lot of activity in the areas of refinancing and restructuring of bank debt due to Covid-19. Mikel and Yago join us at an ideal time to help clients resolve their credit issues and implement solutions to promote sustainability. “
Ortega has over 20 years of experience advising both lenders and businesses in restructuring situations. He has worked with clients in a variety of industries including fashion retail, construction, real estate and industrial products. Fernández’s main area of expertise is advising companies, lenders and creditors in difficulty. He also led several debt raisings for the development of real estate projects in Spain with banks and direct loan funds.
Faced with an equally bright demand outlook in Europe, Paul Kirkbright, EMEA Financial Restructuring Manager at Alvarez & Marsal, said the consulting firm plans to enter other key European markets as well as hire senior executives. in the UK and the Nordic countries.
Over the summer, rival Boston Consulting Group reinforced its Spanish restructuring practice (BCG Turn) with the addition of two senior advisers.