Javier Castresana


Javier focuses his practice on restructuring and insolvency. 

Javier has participated in a wide range of restructurings and insolvencies globally. He has taken part in major proceedings in Spain, such as Telepizza, Avramar, Pepe Jeans, Marina D’Or, OHLA, Martinsa-Fadesa, Marme, Isolux, Mediapro, or Abengoa, with an active participation in all of them representing both company side and lender side. He is also specialized in the enforcement of all types of securities (with a special focus on financial collateral) within the context of non-consensual routes in preinsolvency scenarios.

During the last years, Javier has been deeply involved in Spanish Restructuring Plans and debt restructuring company and sponsor side, where he has also defended at Court the validity of the cram-down vis-a-vis dissenting lenders.


Representative matters

Food Delivery Brands (Telepizza) on advising the Company in the restructuring of its financial indebtedness through the newly implemented Restructuring Plan, entered into with the majority of its creditors.

Mediapro Group in the refinancing process of its debt and in the capital increase for 620 million euros, subscribed by Southwind Group, Grupo Mediapro's main shareholder.

Marme Acting for The Royal Bank of Scotland plc, Bayern LB, ING Bank. NV., Caixa Bank S.A. and HSH Nordbank AG in their capacity as swap counterparties and senior lenders in relation to the debt restructuring and liquidation of Marme Inversiones 2007 SL, owner of Banco Santander HQ.





Pro bono

Mental Health Advocate for Spain and Member of the Global Wellbeing Advisory Board. 

Collaboration with the Spanish DEC (Disasters Emergency Committee), Comité de Emergencia Español, on its establishment (a project with which, for the first time, the Spanish office won the A&O Pro Bono & Community Investment Awards 2021). 


Published Work

  • 2022, “Subordination Agreements and Agreements between Creditors”, Revista General de Insolvencias, nº 5.
  • 2016, “Sub-participation agreement: recharacterisation risk before Spanish CourtsSub-participation agreement: recharacterisation risk before Spanish Courts”, European Finance Litigation Review.
  • 2014, "Refinancing and Restructuring of Corporate Debt in Spain. Bankruptcy Law Reform", Revista de Derecho Bancario y Bursátil.
  • 2014, "The progressive loss of the principle of relativity of contracts". Diario La Ley.
  • 2011, "Will the approval for the refinancing provided for in the bankruptcy law reform work?". Expansión 

Speaking Engagements

Speaker at I Aranzadi Restructuring Congress Congreso Aranzadi de Reestructuraciones, 2024

Speaker at II Aranzadi Restructuring Congress Congreso Aranzadi de Reestructuraciones, 2024

Speaker at Lefebvre Bankruptcy Congress 2021, 2022, 2023

Speaker at ICADE Chair of Regulated Markets on Guarantees in restructuring plans, 2023

Speaker at International Congress of Bankruptcy Law organized by the Uría Menéndez-ICADE Chair, 2022

Speaker at VIII National Congress of Company Law, 2022

Leadership Positions And Professional Affiliations

Member of the Foundation for Research on Law and Business (Fundación para la Investigación sobre el Derecho y la Empresa, FIDE)

Member of the Spanish Club of Insolvency Law (Club Español de Derecho de la Insolvencia, CEDI)

Member of the Turnaround Management Association (TMA)

Member of INSOL Europe Madrid Bar Association

Javier is a great lawyer who understands the needs of clients very well.
Chambers and Partners, 2023


  • Banda 1 Restructuring and Insolvencies in Spain, Legal500, 2023
  • Leading Individual in Restructuring and Insolvencies, Legal500, 2023
  • Banda 1 Restructuring and Insolvencies, Chambers & Partners, 2023
  • Global Though Leader, Global Restructuring Review, 2023



Spain, admitted as lawyer, 2005


Degree, Universidad de Navarra, 2001


English, Spanish
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A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.