Winter is coming. The health situation does not seem to give up and many businesses are beginning to feel exhausted. Until now, ICO financing and ERTEs in Spain have acted as liquidity balm for many companies, but both ERTEs and grace periods for ICO loans will soon come to an end. Faced with this situation, it is foreseeable that many companies will choose to start refinancing or financial restructuring processes. In this publication made for the Instituto de Empresa, Daniel Paredero, Partner of Finae Partners, explains the differences between both types of process and the keys to face them successfully.