Regional news: Europe

The new Austrian Restructuring Code in the light of Germany’s StaRUG and the Dutch WHOA

Matthias Stipanitz and Stephanie Rendl at Preslmayr Attorneys at Law in Vienna assess Austria’s implementation of the EU’s preventive restructuring frameworks directive, giving a quick comparison with the implementation in Germany and the Netherlands.

17 May 2022

Ireland opts in to updated EU regulation annexes

Ireland has belatedly opted into the updated version of the recast European Insolvency Regulation, and will now automatically recognise the new Dutch and German schemes along with a host of other new and expected European restructuring tools in the regulation’s revised annexes.

16 May 2022

FTI Consulting appoints new Paris head

FTI Consulting has hired a new head for its corporate finance and restructuring segment in Paris, who has left behind his own interim CEO and executive management firm after 14 years.

13 May 2022

Stoneway wins Ch11 confirmation as US Trustee objection overruled

Argentina-headquartered power plant group Stoneway Capital has won confirmation of its Chapter 11 plan after a New York court overruled an objection lodged by the US Trustee over third-party releases.

12 May 2022

Brown Rudnick’s UK restructuring head to join BCLP

Bryan Cave Leighton Paisner is set to recruit two partners from Brown Rudnick in London, including the head of its UK bankruptcy and corporate restructuring practice.

11 May 2022

Second time lucky for Smile Telecoms’ groundbreaking restructuring plan

Partner Mark Fine and senior associate Nicholas Jupp at McDermott Will & Emery in London examine two novel aspects to the restructuring plan that the English High Court sanctioned for African telecoms group Smile earlier this year: its exclusion of out-of-the-money creditors, and the fact it varied the rights of a foreign company’s shareholders.

11 May 2022

English court: administrator appointments over sanctioned entities can ensure compliance

While some practitioners have been reluctant to take appointments over entities hit by Russian sanctions, the High Court in London has ruled that administrators can be “critically important” and strengthen the prospects of sanctions being complied with.

10 May 2022

VTB Bank’s Guernsey affiliate placed into administration amid Russia sanctions concerns

Guernsey’s financial regulator has conditionally placed a local affiliate of Russian state-backed VTB Bank into administration, in what is believed to be the Channel Island’s first administration management order under a new financial services law.

10 May 2022

Spanish asset manager permitted to hold single creditor meeting for English scheme

Madrid-based asset manager Haya Real Estate has received court permission to hold a single class meeting on an English scheme of arrangement, just a month after its noteholders agreed to change an indenture’s New York governing law to English law.

09 May 2022

Latham & Watkins, Walkers submit Cayman petition to wind up Chinese football broadcaster

A UK-based sports media marketing company has filed a winding up petition against a Cayman subsidiary of Chinese sports investment platform Suning Group, following a payment dispute over football broadcasting agreements that deprived Chinese viewers of access to FA Cup and Italian Serie A games for several months last year.

09 May 2022

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