Alpstar, a European credit fund specialist, has announced a partnership with Ahorro Corporacion Financiera, the financial services group of Las Cajas, the Spanish Savings Banks.Alpstar, a European credit fund specialist, has announced a partnership with Ahorro Corporacion Financiera, the financial services group of Las Cajas, the Spanish Savings Banks.

By combining the local access of ACF with the distressed and recovery expertise of Alpstar, this partnership will provide solutions for stressed Spanish corporate debt via an advisory and restructuring process.

The companies expect these efforts to yield a highly focused asset recovery fund with a specific emphasis on opportunities in Spain.

As part of this overall agreement, Alpstar will establish a new office in Madrid.

Alpstar's first funds were launched in 2002. The investment advisor, Mignon Geneva, is a Swiss-registered asset manager. The company maintains offices in London, Geneva and Nassau.

ACF is 100 per cent owned by 42 savings banks and CECA (the Spanish Confederation of Savings Banks).