Regional news: Greece
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
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