Regional news: Greece

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

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

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