Regional news: Europe

English court keeps a light on for Bulb Energy transfer

The sale of a British energy supplier in the first-ever UK energy supply company administration was within the bounds of the law, despite complaints of an “unfair” marketing process from three of the country's largest energy companies, an English court has found.

31 March 2023

Is the time for officeholder-friendly judgments in Germany over?

In a ruling local lawyers say will give creditors more leverage, the German Federal Supreme Court recently restricted an insolvency administrator's right to realise intangible assets held by secured creditors as collateral for the benefit of an insolvent estate – but is it indicative of a general move away from officeholder-friendly judgments?

31 March 2023

A WHOA moment: shipbuilder completes what is thought to be largest-yet Dutch scheme

A Dutch shipbuilder has completed a landmark WHOA restructuring that is believed to be one of the country’s largest so far, as well as being the first to use a cram-down within a syndicate of lenders.

30 March 2023

Oi’s new proceedings secure US and UK recognition

Courts in the US and England have within days of each other recognised telecoms group Oi’s new Brazilian reorganisation proceedings, filed just over two months after it completed a long-running, multi-jurisdictional restructuring in December.

30 March 2023

Weil Distress Index: UK market shows the most distress in Europe

The UK is showing more signs of distress compared to other parts of Europe and is the only major European economy still expected to enter a recession this year, Weil Gotshal & Manges’ latest Distress Index figures confirm, as they suggest distress has eased in most other key European countries.

30 March 2023

Morses Club secures UK scheme meetings at second strike

English “doorstep” lender Morses Club has been permitted to convene a single class meeting of scheme creditors to help it tackle thousands of customer redress claims, after using an initial convening hearing earlier this month to address concerns from the UK’s Financial Conduct Authority about its explanatory statement and meeting advertisement.

29 March 2023

Shoosmiths, Squire Patton Boggs and Eversheds advise on Cath Kidston pre-pack sale

UK high street staple Next has purchased its third struggling retailer out of administration in less than six months, this time buying the twee accessories and homeware retailer Cath Kidston in a pre-pack deal, with PwC acting as administrators.

29 March 2023

UK regulator and SOLRs can claim costs for energy regime “lacuna” hearing

Britain’s energy regulator and three of its largest energy suppliers have been permitted to recover their costs for a directions hearing last year that helped close a lacuna in the country’s statutory electricity supply regime in the case of an insolvency.

28 March 2023

FDIC sells SVB bridge bank, excluding crypto assets

After a two-week search and a deadline extension, the US Federal Deposit Insurance Corporation has sold Silicon Valley Bridge Bank to North Carolina’s First Citizens Bank for US$16.5 billion, after agreeing a loss-share deal for the bank’s commercial loans and shutting out SVB’s crypto assets from the transaction.

28 March 2023

Credit Suisse bondholders to choose lawyers

With Credit Suisse bondholders set to decide who to instruct following the wipe-out of their AT1 bonds, lawyers have been setting out their litigation strategies, including plans to argue that Switzerland's financial regulator was wrong to claim there was a “viability event” at the bank earlier this month.

27 March 2023

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