Rushing about, the Spanish are tying up loose ends once more (8)

I believe the answer is:

relacing

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'tying up loose ends once more' is the definition.
I can't tell whether this defines the answer.

'rushing about the spanish' is the wordplay.
'rushing' becomes 'racing' ('race' can be a synonym of 'rush').
'about' is an insertion indicator.
'the spanish' becomes 'el' ('the' in Spanish).
'racing' placed around 'el' is 'RELACING'.

'are' acts as a link.

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I've seen this clue in The Guardian.

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