News & Analysis as of September 21, 2024

European Union › Debt Restructuring

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Adler: A Spanish Perspective

Latham & Watkins LLP on 3/25/2024

How would the Spanish court tackle the issues faced by the English Court of Appeal in Adler? Our analysis provides an instructive comparison for groups, shareholders, and creditors when considering where to restructure....more

Restructuring Downloaded: Episode 3

Mayer Brown on 3/1/2024

In this episode Sheena Frazer and Amy Jacks discuss issues dealing with European assets post Brexit....more

Update to the Adler High Court Decision: The UK’s Court of Appeal Overturns the High Court’s Approval of the Adler Restructuring...

Conyers on 2/20/2024

Following the English High Court’s written reasons for sanctioning the Adler Group restructuring plan on 21 April 2023, the English Court of Appeal has overturned the High Court’s decision and sent a strong message regarding...more

European Enforcement Guide

Alston & Bird on 2/5/2024

In the current economic climate, it is important that lenders understand how they can enforce security and debt claims, to help in assessing options in the event of default by their customers, and when structuring new...more

Luxembourg Modernises Its Insolvency Legislation

K&L Gates LLP on 11/6/2023

On 19 July 2023, the parliament of the Grand Duchy of Luxembourg (Luxembourg) passed bill no. 6539A into law (the New Insolvency Law), marking a significant milestone in the movement to modernise and enhance the...more

Luxembourg Reform of Restructuring Procedures

White & Case LLP on 11/2/2023

On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This long-awaited reform implements Directive 2019/1023...more

New Luxembourg Bankruptcy Law Enhances Luxembourg’s Restructuring Framework

Dechert LLP on 11/2/2023

One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more

New York proposes sovereign debt restructuring legislation

A&O Shearman on 6/13/2023

Legislators in the State of New York (NY), whose law governs many sovereign debt contracts, introduced three general categories of bills related to sovereign debt restructurings. The first is intended to provide support under...more

European leveraged loan restructurings: why the next downturn will be different

Hogan Lovells on 1/20/2023

Although the IMF recently announced at Davos that it would upgrade its global economic forecasts, with an improvement predicted in the later part of 2023 and into 2024, times remain difficult for many companies and their...more

StaRUG in Practice: German Scheme Expands Restructuring Options for Debtors

Latham & Watkins LLP on 11/10/2022

The scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits. German credits in sectors such as real estate, automotive, and energy face a worsening macro...more

Schemes and Restructuring Plans: Where Are We Now?

Latham & Watkins LLP on 5/12/2022

The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

Latham & Watkins LLP on 5/12/2022

Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Global Connection - Russian-Ukraine Conflict: Continue to Prepare for the Impact on Global Supply Chain

Snell & Wilmer on 3/2/2022

As the Russian-Ukraine conflict continues to elicit intensifying economic responses from multiple countries, the frequency and rapidity of these new sanctions have left companies scrambling to align their internal and...more

The Italian Insolvency Code—A Work in Progress: Timing and News

Jones Day on 9/22/2021

The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the...more

France Publishes Restructuring and Insolvency Law Reform Ordinance

Latham & Watkins LLP on 9/21/2021

Ordinance 2021-1193, which effects into law the European Directive on preventive restructuring frameworks, applies to proceedings opened from 1 October 2021. Key Points: ..Certain preventive mechanisms are...more

Liquid debt markets hit the brakes on restructurings

White & Case LLP on 6/23/2021

A strong market for refinancing and low interest rates have enabled most borrowers in Europe and the US to avoid bankruptcy and restructuring procedures - So far this year, fewer European and American businesses have...more

Recognition of Restructuring and Insolvency Proceedings

Skadden, Arps, Slate, Meagher & Flom LLP on 3/2/2021

Although the Trade and Cooperation Agreement (TCA) arrived in time to prevent a wholesale “no deal Brexit,” issues of cross-border cooperation and recognition in relation to insolvency and restructuring proceedings were not...more

Germany Introduces Restructuring Procedure Outside Insolvency

Morgan Lewis on 2/4/2021

The German Act on the Further Development of the Restructuring and Insolvency Law (Sanierungs- und Insolvenzrechtsfortentwicklungsgesetz – SanInsFoG) took effect on January 1, 2021, transforming the European Restructuring...more

The European Financing Markets in 2021: What Can We Expect?

McDermott Will & Emery on 1/28/2021

Last year presented a great many challenges, and much like 2008–2009, the impact was felt on a global basis. The last quarter of 2020 appeared to start with a sense of renewed optimism, with the end of pandemic-driven issues...more

Legislative Update: New Dutch Restructuring Law Enacted

Jones Day on 12/22/2020

On October 6, 2020, the Dutch Senate approved long-anticipated restructuring legislation allowing for court confirmation of extrajudicial restructuring plans (Wet Homologatie Onderhands Akkoord, or "WHOA")....more

Das neue Restrukturierungsrecht ist da

Hogan Lovells on 12/21/2020

Wie bereits berichtet erhält Deutschland ein neues Restrukturierungsrecht für Unternehmen, dessen Herzstück der sogenannte Stabilisierungs- und Restrukturierungsrahmen („SRR“) ist. Der Bundestag hat das entsprechende Gesetz...more

German Bundestag Passes Comprehensive Reform in Restructuring and Insolvency Law

Latham & Watkins LLP on 12/18/2020

Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments. On 17 December 2020, the German Bundestag passed the Act on...more

Directors' Duties—A European Overview: Financial Distress and COVID-19 - November 2020

Jones Day on 12/3/2020

A company or group's financial distress causes significant turmoil for its owners, directors, managers, employees and often its suppliers and other creditors. For directors in particular, there are significant...more

Zahlungen bei Insolvenzreife nach neuem § 15b InsO-E

Hogan Lovells on 11/19/2020

Das Gesetzgebungsverfahren zum Gesetz zur Fortentwicklung des Sanierungs- und Insolvenzrechts („SanInsFoG“) schreitet in beachtlicher Geschwindigkeit voran. Seit 14. Oktober 2020 liegt der Regierungsentwurf („RegE“) vor....more

New ways of restructuring in Germany

Hogan Lovells on 11/11/2020

Germany's new restructuring regime is expected to come into force 0n 1 January 2021. At the heart of the new regulation is the introduction of a so-called stabilization and restructuring framework (“SRF”) for companies....more

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