Regional news: Greece
Individual investor fails on appeal to sue Eurogroup for Greek debt restructuring
An individual investor in Greek sovereign debt has failed on appeal to challenge the imposition of the country’s 2012 restructuring on “mom and pop” bondholders, after the EU’s General Court upheld an earlier ruling that decisions taken by an intergovernmental body within the Eurozone cannot be attributed to the EU.
19 July 2023
Milbank and Weil advise as Frigoglass completes second restructuring
Greek glass and refrigeration group Frigoglass has completed its second restructuring in six years with a deal that will see noteholders take majority control of the group.
03 May 2023
Stay lifted for Greek shipping group while contested Ch7 continues
Weeks after three noteholders filed an involuntary Chapter 7 proceeding against Greek shipping group Eletson, a New York court has lifted the resultant automatic stay to allow the alleged debtor to move forward with an arbitration.
17 April 2023
Greek insolvency law: significant reform
Featured in Europe, Middle East and Africa Restructuring Review 2023
24 March 2023
Hellas bondholders allowed to bring New York fraud claims after decade-long pursuit
After 11 years of trying, an assignee of certain Hellas bondholders has finally been allowed to pursue claims against the group’s former private equity investors, who it claims forced the Greek telecoms company to “commit business suicide” by overleveraging itself to pay them billions in dividends.
28 October 2022
Potamitis Vekris, Greenberg Traurig take roles as Folli Follie plan sanctioned
Greek firm Potamitis Vekris has helped Athens-headquartered jeweller Folli Follie secure sanction of a long-anticipated rehabilitation agreement with creditors advised by Greenberg Traurig - four years after a forensic audit found the company’s Asian sales had been inflated by more than US$1 billion.
31 January 2022
New Weil study on corporate distress finds liquidity pressures rising
UK corporates experienced the highest levels of relative distress in Europe during the pandemic, a new study from Weil Gotshal & Manges has found, with liquidity pressures now rising as governments roll back financial stimulus measures.
16 December 2021
PwC Greece settles Aegean Marine fraud claims
Shareholders of Greek ship fuel supplier Aegean Marine Petroleum Network have reached a partial settlement with PwC’s Greek arm, bringing an end to claims the auditor failed to spot a US$300 million fraud before the company’s bankruptcy.
12 November 2021
Folli Follie agrees restructuring terms with ad hoc creditors group
Scandal-hit Greek jewellery retailer Folli Follie has announced a preliminary deal with an ad hoc group of unsecured creditors to restructure its outstanding debt.
28 November 2019
Sidley and Weil guide Greek pharma restructuring
Sidley Austin pharmaceuticals client Famar has completed a €174 million debt restructuring in Greece with support from a KKR bad loan management platform advised by Weil Gotshal & Manges.
13 December 2018