Publication: La financiación de proyectos de régimen concesional ante el concurso de acreedores
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2017-01-23
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Universidad Complutense de Madrid
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Abstract
El presente trabajo de investigación tiene por objetivo, por un lado, destacar la importancia del Project Finance como mecanismo de financiación idóneo para la puesta en marcha de determinados proyectos necesarios para el desarrollo de un mercado competitivo y eficiente, y, por otro, la incidencia del régimen aplicable a las situaciones de insolvencia sobre las sociedades concesionarias de obras y servicios públicos que se constituyen como vehículo para el desarrollo de los mismos. El Project Finance es diferente de los métodos tradicionales de financiación ya que éste gira sobre tres pilares fundamentales: (i) la constitución de la sociedad vehículo del proyecto, (ii) un entramo contractual presidido por los contratos de financiación, el contrato de concesión y el paquete de garantías supeditados a (iii) la generación de ingresos que aseguren el retorno de la inversión. Por medio del análisis previo de los principales contratos que conforman la estructura de la mayoría de las operaciones de Project Finance, hemos identificado aquellos aspectos concursales que pueden tener un mayor impacto en los operadores -y en el propio proyecto- al afectar, de manera directa, al diseño de las operaciones, a la distribución de los riesgos y, muy especialmente, al sistema de garantías, dificultando y/o encareciendo el acceso a este mecanismo de financiación...
This research aims to emphasize, firstly, the importance of Project Finance as suitable financing mechanism for the implementation of certain projects necessary for the development of a competitive and efficient market, and, secondly, the incidence of the arrangements for insolvency over the concession entities for public works and services that they configure the vehicle for their development. The Project Finance is different from traditional methods of financing as it rotates on three fundamental pillars: (i) the incorporation of the project vehicle, (ii) a complex contractual structure chaired by the financing agreement, the concession agreement and a package of guarantees subject to (iii) the income generation that ensure the return of the investment. Through the preliminary analysis of the main contracts that form the structure of most of the operations of Project Finance, we have identified those aspects that bankruptcy may have a greater impact on operators -and the project- by affecting, directly, the design of operations, distribution of risks and, in particular, the guarantee system, making difficult and/or more expensive the access to this funding mechanism. That study, to be conducted in the pre-contractual phase, will be decisive for the success of the operation as well as to limit the impact that may arise throughout the different phases of the project...
This research aims to emphasize, firstly, the importance of Project Finance as suitable financing mechanism for the implementation of certain projects necessary for the development of a competitive and efficient market, and, secondly, the incidence of the arrangements for insolvency over the concession entities for public works and services that they configure the vehicle for their development. The Project Finance is different from traditional methods of financing as it rotates on three fundamental pillars: (i) the incorporation of the project vehicle, (ii) a complex contractual structure chaired by the financing agreement, the concession agreement and a package of guarantees subject to (iii) the income generation that ensure the return of the investment. Through the preliminary analysis of the main contracts that form the structure of most of the operations of Project Finance, we have identified those aspects that bankruptcy may have a greater impact on operators -and the project- by affecting, directly, the design of operations, distribution of risks and, in particular, the guarantee system, making difficult and/or more expensive the access to this funding mechanism. That study, to be conducted in the pre-contractual phase, will be decisive for the success of the operation as well as to limit the impact that may arise throughout the different phases of the project...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Derecho, Departamento de Derecho Mercantil, leída el 11-01-2016