Regional news: Europe

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

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 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

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

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

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

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

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

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

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