Real cases

Highways Project

Acquisition of distressed infrastructure debt

Major financial institutions held approximately €4 billion in debt against a group of infrastructure concessions in toll highways, which had entered insolvency primarily due to expropriation cost overruns and traffic levels significantly below those projected in their financial plans.

The Outliers Ideas team, in their previous role as part of PwC’s Complex Deals group, successfully modeled multiple time and collateral value scenarios for this debt, particularly focusing on the value of the State Liability for Public Works.

This work was key to unlocking the situation and enabling the transfer of most of the debt between financial institutions and international funds specialized in this type of transaction.

Receivable I Project

Acquisition of claims against a local government

The construction of a transportation infrastructure resulted in a debt of several tens of millions of euros owed by the construction/concession company by a Local Government.

The Outliers Ideas team designed a strategy for acquiring this debt and established a recovery plan against the Local Government, providing liquidity to the seller and generating an attractive investment return aligned with the level of risk assumed.

Truck Manufacturers Cartel Project

Litigation and acquisition of claims for anti-competitive practices

On July 19, 2016, the European Commission fined the main European truck manufacturers (DAF, Iveco, Daimler-Mercedes, Renault-Volvo, and MAN) €3 billion for illegal price-fixing practices carried out between 1997 and 2011.

Following this infringement, the Outliers Ideas team developed a trans-European class action in collaboration with other international funds to finance and/or acquire the various claims that affected parties—mainly truck purchasers—could pursue.

To best serve the claimants’ interests, the platform included the participation of specialized competition law firms, top-tier economic experts, data processing firms, and international coordinators.

Additionally, around this infringement, Outliers Ideas launched several additional vehicles in Spain to acquire individual lawsuits, allowing affected parties to monetize or aggregate their claims.

The structures designed have reduced risk, optimized resources, and supported one of the largest class actions related to the truck manufacturers cartel in Europe.

Class Action: Monolito II Project

Litigation and acquisition of claims for anti-competitive practices in the fuel sector

The oil companies sanctioned by the CNMC in the Monolito I project signed contracts with independent operators during the period of infringement.

As a result, the contracts signed at the time with these oil companies are deemed absolutely null and void, allowing operators to claim the overcharges paid over the years to petroleum and gas distributors.

Outliers Ideas is investing in this project alongside a hedge fund, driving a legal strategy based on contractual nullity and on the financial compensation arising from the damage suffered by the operators.

Corporate Debt

Acquisition of bank debt

Certain financial institutions held performing loans with specific characteristics, primarily resulting from various past restructuring processes.

Despite the strong credit profile of these companies, further restructuring processes were anticipated, meaning these positions required a specific acquisition structure and a return strategy based on active management until maturity.

In this case, Outliers Ideas, together with an international investment fund, jointly invested and developed the appropriate strategy to acquire these performing yet special-situation positions.