Fusiones apalancadas, asistencia financiera y concursoOportunidad y acierto del art. 35 LME

Laburpena

During the past decades private equity market has growned, specially leveraged buy outs, LBOs. From the legal point of view the most important aspect of LBOs is the shifting of financial burdens of the acquisition from purchaser to the target's assets. In this regard LBOs may be perceived as a technique for a company to give financial assistance for the acquisition of its own shares. The LME Act 2009 has codified merger leveraged buy outs and settled that LBOs are not prohibited per se. The article focuses on the novelties of the regulation of LBOs that have been recently introduced into the Spanish legal system. But, despite those new amendments, LBOs are likely to cause different legal problems. The flipside of LBOs is that they may deteriorate the financial condition of the companies concerned, due to the high debt contracted to fund the acquisition with the ensuing risk of bankruptcy. In this regard, the recent reform of the French bankruptcy system has designed a special procedure to solve LBOs insolvency.