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

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