Regional news: Europe

EU court rejects Ryanair challenge against Condor state aid

Ireland’s Ryanair has lost its challenge to the German government’s bailout of Frankfurt-headquartered airline Condor after the collapse of its parent Thomas Cook.

20 May 2022

South African liquidators extend asset preservation order in UK cryptocurrency probe

The UK-based former director of a South African cryptocurrency exchange has agreed to transfer all of the exchange’s assets under his control – including a USB stick containing Ethereum – to liquidators in Pretoria, after an English court extended an asset preservation order obtained against him earlier this month.

18 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

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

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