Regional news: Europe

Shearman partner set to join Paul Hastings in London

Paul Hastings is set to expand its financial restructuring practice with a new partner from Shearman & Sterling, less than a year after hiring 43 new restructuring lawyers in the US.

20 January 2023

Gibraltarian appeals court overturns Scotsman’s bankruptcy discharge

The Gibraltarian bankruptcy trustees of a Scottish former hedge fund manager have overturned a lower court order discharging his bankruptcy, after an appeals court found the bankrupt’s failure to comply with his statutory obligations to them went “well beyond” a limited failure to evade service.

19 January 2023

Bondholder default claims are “nonsense”, says GKN parent

The parent of British aerospace components manufacturer GKN has rejected bondholder claims that a proposal to separate two subsidiaries from the group last year triggered an event of default.

18 January 2023

“Rising star” joins growing King & Spalding team in London

King & Spalding has hired a London-based partner who the firm’s finance group leader describes as “one of the rising stars in the restructuring world” – as it continues to expand on both sides of the Atlantic.

18 January 2023

Baccarat investor staves off possible UK jail time with last-minute concessions

A Chinese former owner of French luxury crystal manufacturer Baccarat has averted possible jail time in the UK, after brokering an out-of-court deal with her Hong Kong bankruptcy trustees to adjourn a contempt application over her refusal to cooperate with them.

18 January 2023

British care home group’s Part 26A plan raises question on shareholders’ interests

Seven companies in a British care home group have been permitted to convene restructuring plan meetings for up to five creditor classes, after the English High Court rejected requests from the group’s former CEO to be placed in a separate class to unsecured creditors.

17 January 2023

Transatlantic restructuring trends: challenges and opportunities in 2023

Partners from McDermott Will & Emery in the UK and US examine how struggling companies fared in 2022 with reduced access to liquidity, and predict an increase in distressed M&A activity and out-of-court transactions as debtors look to deal with those liquidity issues in the year ahead.

17 January 2023

Europe column: The need for a pan-European approach on Russia sanctions impacting insolvencies

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses how Russia sanctions have permeated a Dutch insolvency, and makes a case for a pan-European approach towards the impact of public law measures on insolvency law.

16 January 2023

Spain’s new pre-pack law tested as nine bidders vie for Abengoa’s businesses

Rival bidders seeking to buy Spanish renewables conglomerate Abengoa’s operating assets are testing new powers to scrutinise pre-pack sales under Spain’s recently enacted transposition of the EU preventive frameworks directive.

13 January 2023

Altera and GTT emerge from Chapter 11s

UK-headquartered oil and gas services provider Altera Infrastructure and US-based multinational telecoms company GTT Communications have both emerged from Chapter 11 protection after completing debt restructurings.

13 January 2023

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