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European Union › Creditors

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 -
A&O Shearman

EC call for advice to EBA for second benchmarking of national loan enforcements frameworks

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The European Commission (EC) has published a call for advice to the European Banking Authority (EBA) together with a letter from John Berrigan, Directorate-General of Financial Stability, Financial Services and Capital...more

Cadwalader, Wickersham & Taft LLP

European Restructuring: 2024 in Review and Outlook for 2025

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Market - overview Whilst Europe did not witness the flood of restructuring and insolvencies some had predicted at the start of the year, 2024 was a significant year nonetheless. Many commentators now predict an extended...more

White & Case LLP

PIK a pocket or two?

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The macro-economic landscape of recent years, marked by rising interest rates and inflationary pressures, has significantly escalated borrowing costs in the European mid-market. This has prompted borrowers to explore...more

A&O Shearman

Court awards first security for costs order in respect of a challenge to a restructuring plan

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Court awards first security for costs order in respect of a challenge to a restructuring plan. Key takeaways - The High Court has for the first time awarded security for costs in respect of a challenge to a proposed...more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

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Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

White & Case LLP

Creditor protections in liability management transactions

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Liability management transactions which may favour a subset of creditors over another are increasingly common in the US leveraged finance markets. 2024 may be seen as the year in which these US imports began to make a real...more

McDermott Will & Emery

Das StaRUG und dessen Bedeutung für die Restrukturierung von Immobiliengesellschaften – Die wichtigsten Fragen und Antworten

McDermott Will & Emery on

Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck....more

Mayer Brown

Late Payment Regulation: the European Parliament introduces amendments as it adopts its first reading position

Mayer Brown on

On 23 April 2024, the European Parliament (EP) adopted its first-reading position and, in doing so, introduced amendments to the European Commission's (EC) proposal for a Regulation on late payment. In our update from last...more

Proskauer Rose LLP

Private Credit Deep Dives – Going Exclusive (Europe)

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In recent months, market participants have become increasingly optimistic about the probability of a “soft landing” in the US economy, whereby tight monetary policy is shown to have tamed inflation whilst avoiding triggering...more

Walkers

Transposition of Credit Servicers Directive in Ireland – Overview

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On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit...more

White & Case LLP

Are You as Senior Secured as You Think?

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Senior secured creditors, being the anchor creditor in the capital stack, will always be focused on ensuring their priority claim is as robust as possible, with clearly delineated capacity for 'super priority' debt. However,...more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

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In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

Conyers

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

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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

Alston & Bird

European Enforcement Guide

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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

A&O Shearman

The Adler appeal: our key takeaways

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The Adler appeal: Our key takeaways from the landmark Court of Appeal judgment setting aside the Adler restructuring plan, and what it means for future restructuring plans - The Court of Appeal has handed down its...more

Cadwalader, Wickersham & Taft LLP

The 2023 Restructuring Market Wrap-Up

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As 2024 gets underway, 2023 will be remembered as the year that King Charles III’s coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of...more

A&O Shearman

SGCA sets a limit on debtors invoking arbitration clauses to resist winding up applications

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In Founder Group (Hong Kong) Ltd v Singapore JHC Co Pte Ltd (2023), the Court of Appeal set limits on a debtor’s ability to resist a winding up application by pointing to an arbitration clause in the underlying agreement....more

Jones Day

Double-Dip Financings: The Next Wave in European Liability Management?

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A “double-dip” structure is considered a way to allow some creditors to have multiple claims against key obligors arising out of the same underlying transactions. These additional claims could improve their position relative...more

White & Case LLP

Luxembourg Reform of Restructuring Procedures

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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

Sullivan & Worcester

EU Commission Proposes New Late Payment Regulation – Evolution or Revolution of the EU Late Payment Regime?

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On 12 September 2023, the European Commission proposed a new EU Regulation on combatting late payments in commercial transactions which will revise and replace EU Directive 2011/7/EU (the Late Payment Directive). The...more

White & Case LLP

Implementation of the Credit Servicers Directive in Germany: A game-changer in the NPL-market

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The Directive (EU) 2021/2167 sets out a harmonized regulatory framework for services in relation to non-performing loans and has to be implemented by Member States by 29 December 2023. In Germany, the draft bill of the Credit...more

Cadwalader, Wickersham & Taft LLP

How to Prepare for a Real Estate Enforcement in Europe, Part 1

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This is the first article in our mini-series on European real estate enforcements and restructurings. Given the continued financial stress being experienced across the global economy, we expect that lenders in the real estate...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK PRA’s Priorities for Insurance Supervision in 2023

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The UK Prudential Regulation Authority (PRA) laid out its priorities for insurance supervision this year in a 10 January 2023 Priorities Letter. In this newsletter, we summarise the broad themes emerging from the Priorities...more

White & Case LLP

2022 Half-year in review M&A legal and market developments

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We set out below a number of interesting English court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical guidance on...more

Cadwalader, Wickersham & Taft LLP

European Restructuring and Distressed: 2022 in Review

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Market overview - Few could have predicted the unexpected twists and turns 2022 would provide.  A year in which the spectre of war came home to haunt Europe....more

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