Regional news: Europe
European fashion retailer files protective shield proceedings in Germany
German department store chain Peek & Cloppenburg is seeking insolvency protection in Düsseldorf to “accelerate” a pre-existing restructuring process it launched in the face of covid-19 and Russia’s invasion of Ukraine.
23 March 2023
Grant Thornton director joins Interpath in London
Interpath Advisory has hired a long-time Grant Thornton director in London who brings with him experience acting as a trustee in several high-profile Russian personal bankruptcies.
22 March 2023
Comet liquidator secures partial release of £89m unfair preference judgment award
The liquidator of insolvent electronics group Comet has secured an order from the English High Court releasing a portion of an £89 million judgment awarded to him, pending an appeal of what was thought to be the largest unfair preference claim ever brought before the court.
21 March 2023
Legal action threatened as bondholders lose US$17bn in Credit Suisse takeover
Lawyers and investors tell GRR the takeover of troubled Swiss bank Credit Suisse by UBS could lead to the end of the market for Additional Tier 1 bank debt, with bondholders set to lose US$17 billion through the deal announced this weekend.
20 March 2023
Sullivan & Cromwell advising as SVB parent files Ch11
The parent company of Silicon Valley Bank, which was taken over by US regulators following its collapse last week, has sought bankruptcy protection in New York while it explores a potential sale of its remaining assets.
17 March 2023
Energy broker’s UK plan sanction adjourned following HMRC complaints
The High Court in London has adjourned a sanction hearing for an English energy supply contract broker’s restructuring plan following complaints by the UK’s tax authority and three allegedly out-of-the-money creditors.
17 March 2023
Ukraine can defend Russia bond default, UK Supreme Court rules
The UK’s highest court has ruled that Ukraine can defend its non-payment of a US$3 billion Eurobond debt to Russia at a full trial, after finding it has an arguable and justiciable defence of duress.
15 March 2023