Regional news: Europe

Petropavlovsk minority shareholders lose bid to adjourn sale

Minority shareholders of London-listed gold producer Petropavlovsk have failed to persuade an English judge to adjourn its sale to a Russian metals producer, days after he allowed the transaction to go ahead in the wake of UK and EU sanctions.

05 August 2022

Angelo Gordon acquires insolvent Spanish hotel chain in pre-pack deal

A Spanish hotel chain founded by a three-time Olympic equestrian has been acquired by US-headquartered investor Angelo Gordon and Canadian hotel manager Westmont Hospitality Group after entering a pre-pack reorganisation in Madrid.

04 August 2022

Russian entity can buy gold miner Petropavlovsk, English court rules

In the face of delays for obtaining a sanctions licence, gold miner Petropavlovsk’s administrators have received court permission to pursue a share purchase agreement that will see the debtor taken over by a Russian metals producer whose CEO was sanctioned by the EU in July.

02 August 2022

INSOL International: learning from failure – CEOs retell their stories

“It’s not just about the balance sheet,” the CEOs of three prominent groups that have recently undergone restructurings told INSOL International delegates in June, adding that giving equal weight to a company’s culture and ensuring good communication with its employees – top and bottom – is what makes a restructuring transaction truly transformational.

02 August 2022

Just and equitable winding up: an underutilised remedy for aggrieved shareholders?

Harneys partner Peter Ferrer and associate Megan Elms consider why the remedy of just and equitable winding up has been used sparingly by aggrieved shareholders in the British Virgin Islands and England and Wales, but highlight recent decisions that show why it remains an important tool that may be used more liberally by the courts going forward.

01 August 2022

Goodwin expands Munich office with hire from Shearman & Sterling

Goodwin is adding a private equity partner with restructuring experience to its newly-opened Munich office from Shearman & Sterling, where he has spent almost two decades.

28 July 2022

Cinema chain Vue secures English scheme meeting ahead of planned pre-pack

London-headquartered cinema chain Vue has secured the right to convene a single meeting of creditors for an English scheme to borrow new money, which should allow it to pursue a wider financial restructuring through a pre-packaged administration before a looming autumn deadline.

27 July 2022

Think tank calls for EU legislation on recognition of restructurings

European insolvency law think tank CERIL has called on the European Commission to adopt a special cross-border cooperation and recognition framework for restructuring proceedings, arguing that the recast European Insolvency and Brussels Regulations are inadequate.

25 July 2022

Shearman hires from White & Case in Germany

Shearman & Sterling has hired a finance partner to work across Munich and Frankfurt who has credits as creditors’ counsel in the recent English scheme restructuring of gaming group Lowen Play, and in a refinancing for German wind turbine maker Senvion.

25 July 2022

UK tax authority crammed down in Houst SME restructuring plan

Holiday lettings SME Houst’s Part 26A restructuring plan has been sanctioned, with the UK tax authority becoming the subject of a cross-class cram down for the first time since the new tool was introduced in June 2020.

22 July 2022

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