Regional news: Europe

Storm warnings: will stagflation herald a new wave of corporate failures?

As inflationary pressures and battered supply chains plague businesses, Herbert Smith Freehills partners John Whiteoak and Natasha Johnson predict an uptick in companies using the UK’s “very powerful” new restructuring plan after what they say has been an initial reticence since it was introduced two years ago.

19 July 2022

Russian gold miner Petropavlovsk enters English administration

London-listed Russian gold producer Petropavlovsk has entered administration in England after UK-imposed sanctions left it unable to withdraw funds from its Russian subsidiaries and caused its main lender Gazprombank to demand full repayment of a loan.

18 July 2022

Houst plan sanction delayed amid call for more valuation info

An English court has reserved judgment on sanctioning a holiday lettings SME’s part 26A restructuring plan, requesting more information on the valuation work that underpinned it in light of the UK tax authority rejecting the plan.

15 July 2022

UK launches consultation on implementing newest UNCITRAL model laws

The UK government has launched a consultation on whether to adopt UNCITRAL’s newest model laws on insolvency-related judgments and multinational group insolvencies, in a move that local practitioners describe as “the most significant development” since the Corporate Insolvency and Governance Act was passed two years ago.

12 July 2022

Lenders take control of Lycra with advice from Linklaters

Linklaters has helped junior creditors take full equity control of US stretchy fibre maker Lycra from defaulting Chinese fashion conglomerate Shandong Ruyi, in a transaction across Asia, the Netherlands, London and the US, which the firm described as “one of the most high profile and complex enforcement and restructurings implemented in the market in recent years”.

12 July 2022

Asset manager brings New York fraud suit against crypto lender Celsius

A former investment manager for struggling crypto lender Celsius Network has accused it of leveraging customer deposits to manipulate markets and failing to institute basic accounting controls, causing it to freeze customer assets last month.

08 July 2022

Mayer Brown announces tie-up with French boutique, adds partner in Brazil

Expanding its restructuring offering across Europe and Latin America, Mayer Brown has announced a collaboration with French boutique Santoni & Associés in Paris and hired a restructuring partner to its associated firm in São Paulo.

08 July 2022

Maltese Evan Group lays foundations for cross-border StaRUG case

Malta-registered real estate company Evan Group has petitioned a Düsseldorf court to open a German StaRUG restructuring process, ahead of a €125 million bond repayment that looms at the end of the month.

07 July 2022

Weil advising as Scandi flag carrier lands in New York bankruptcy court

Scandinavian flag carrier SAS has jetted to New York to seek Chapter 11 relief after strike action grounded half its fleet.

05 July 2022

Abengoa companies enter pre-insolvency after state aid refused

Spanish engineering conglomerate Abengoa has placed a slew of its companies – including the holding entities for the operating parts of the group – into pre-insolvency proceedings, after a failed bid for state aid scuppered its restructuring plan with an American fund.

05 July 2022

Unlock unlimited access to all Global Restructuring Review content