Regional news: Greece

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

Hellas parent ordered to pay indemnity costs after “unexplained discontinuance”

The joint liquidators of the Luxembourg-based parent of Greek telecoms group Hellas have been ordered to pay indemnity costs to private equity houses Apax Partners and TPG after the “sudden, unexplained discontinuance” of a €1 billion avoidance claim against them.

18 October 2018

Skadden helps container company complete debt refinancing

Skadden Arps Slate Meagher & Flom, Morgan Lewis & Bockius and Watson Farley & Williams have guided container company Danaos through an out-of-court refinancing of its US$2.2 billion debt.

17 August 2018

Greece breached TFEU obligations in unlawful state aid case

Greece failed to take “all measures necessary” to recover unlawful state aid awarded to a now-insolvent Greek textile company, breaching its obligations under the Treaty of the Functioning of the European Union (TFEU), an EU court has ruled.

22 January 2018

Sovereign debt column: The Greek debt restructuring of 2012

Athens was recently back in the headlines following a public disagreement between the Eurozone and the International Monetary Fund on future bailouts. In this edition of the sovereign debt column, Lee C Buchheit, a partner at Cleary Gottlieb Steen & Hamilton in New York, reflects back on Greece’s landmark 2012 debt restructuring, which he helped to craft.

20 March 2017

Investors in Greek debt should have known the risks, EU court says

An EU Court has found that the concepts of legitimate expectation and legal certainty cannot be used to challenge monetary policy decisions, rejecting claims against the European Central Bank brought by French investors in Greek debt.

24 January 2017

Regulatory roundup: China’s new bankruptcy regime

In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.

31 October 2016

Greek debt restructuring award survives annulment challenge

A Slovakian bank has failed to annul an arbitral award arising from Greece’s 2012 sovereign debt restructuring, in which a tribunal rejected claims that Greek government bonds were investments protected by treaty rights.

04 October 2016

ECJ settles 22-year wage dispute over insolvent Maltese ship

The European Court of Justice has found that seven Greek sailors who worked for a Maltese cruise ship company that went bankrupt before Malta entered the EU, are still protected by EU law - ending a 22-year wage dispute that pitched an EU directive against Greek domestic law and the UN Convention for the Law of the Sea.

03 March 2016

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