Regional news: Europe

Revlon secures Canadian recognition amid employee lawsuits

Two Canadian subsidiaries of multinational cosmetics group Revlon have secured recognition of their Chapter 11 proceedings in Toronto, placing a stop on various employee and labour union claims.

28 June 2022

Indonesian court approves Garuda restructuring

A Jakarta court has ratified Indonesian flag carrier Garuda's US$9.5 billion restructuring after the airline won approval from 95% of its creditors last week.

28 June 2022

US lender seeks winding up of litigation funder in Cayman Islands

Delaware-based lender Therium Litigation Finance Atlas is seeking the winding up of a Cayman-registered litigation funder that carried out its business in the UK.

27 June 2022

Fraud specialist joins South Square for “fresh challenge”

Former 3 Hare Court silk Aidan Casey QC has joined South Square in London, telling GRR we are “long overdue a major insolvency or two”.

27 June 2022

Report highlights “phenomenally expensive” costs of UK restructuring plans

The UK’s restructuring plan has been praised by local lawyers but criticised in an Insolvency Service report for being prohibitively costly, time consuming and not providing adequate protection to dissenting creditors.

23 June 2022

Brazil’s Petroserv secures English scheme sanction

Brazilian oil drilling group Petroserv Marine has secured sanction of its English scheme of arrangement, after settling a notes dispute with a company owned by its founders.

23 June 2022

Portuguese rig owner secures emergency financing in Texas Ch11

A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.

22 June 2022

Weil study finds highest distress in key European markets since mid-2020

Levels of corporate distress in Germany and the UK are at levels last seen two years ago in the throes of the pandemic, a Weil Gotshal & Manges study has revealed, as the cost of living crisis begins to bite.

22 June 2022

UK administrators fend off Rhino misfeasance claims again on appeal

Deloitte-turned-Teneo partners Clare Boardman and Matt Smith have successfully fended off misfeasance claims against them over their administration of UK storage group Rhino for a second time, as appeal judges also dismissed breach of duty claims against Clyde & Co in their entirety.

21 June 2022

Latham, A&O, HSF and Willkie Farr advise on Mediapro refinancing

Advisers from the UK, Spain and Hong Kong have helped Barcelona-headquartered media company Mediapro agree a refinancing deal with a shareholder to strike €500 million from its €900 million debt pile.

21 June 2022

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