The Evolution of Cross-Border Restructuring Processes
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
Persisting political and economic uncertainty means awareness of market changes remains crucial. The 2008 distress cycle triggered defaults and restructurings for European PE portfolio companies, as maintenance covenant...more
Much has been written about the influence of US terms on European transactions and particularly the steady migration of US concepts into English law facilities agreements, resulting from the supply-demand imbalance in the...more
A new precedent unitranche intercreditor agreement was published by the LMA on 17 May 2018 for use on unitranche transactions where a private credit fund is providing a facility alongside a super senior RCF. Whilst it does...more
In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market and this...more
In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market, and...more
From 1 January 2016, all EEA incorporated banks and credit institutions are required to include a term in any non-EEA law governed contract under which they have liabilities, giving contractual recognition of the bail-in...more
At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more
Surprisingly, the distinction between negligence and gross negligence in English contract and trust law is unclear. On one view, reflected in the older cases, there is little or no difference at all....more
The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more
Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more