Regional news: Italy
Arbitrator criticises panel for “evident failure” in Argentine bonds case
An arbitrator appointed by Argentina in a long-running dispute over its sovereign debt crisis has criticised his co-panellists for failing to produce a final award despite nearly two years of deliberations.
10 January 2017
UniCredit announces “pragmatic” restructuring as Italian banking sector remains in flux
UniCredit, one of the world’s 30 global systemically important banks, has announced the terms of an international restructuring based on a €13 billion rights issue and the sale of €18 billion of its stock of non-performing loans.
14 December 2016
Italian state rescue fund to prop up Monte dei Paschi restructuring plan
Italy’s Banca Monte dei Paschi di Siena has revealed a plan to address its heavy portfolio of non-performing loans with the help of the country’s state backed rescue fund and launch a €5 billion recapitalisation effort.
27 October 2016
Italy has "room to manoeuvre" around BRRD as pressure mounts to clean up NPLs
Italy's government has reportedly been exploring options to circumvent EU law and use state funds to revitalise its banking sector, following the recent bailout of two banks by the state-backed Atlante rescue fund - but lawyers say the country is manoeuvring within its legal limits.
07 July 2016
European Court of Justice allows partial payment of VAT
The European Court of Justice has made a preliminary ruling that a bankrupt company using an Italian scheme of arrangement may be eligible for relief on a portion of its VAT, provided an independent expert can certify that the EU member state to which the outstanding tax is owed has no better option available to collect it.
18 May 2016
EU court upholds state aid granted to liquidated company without competitor’s approval
The General Court of the European Union has dismissed an appeal against a European Commission decision to provide state aid to an Italian company in liquidation without consulting an Austrian competitor.
11 March 2016
Metals miner files Chapter 15 case to recognise UK scheme
A Ukraine-based steel and mine holding company has filed for Chapter 15 protection in a Delaware court, blaming its troubles on the ongoing unrest in eastern Ukraine.
28 January 2016
Italy speeds through bank rescue plan before EU rules apply
Italy has announced emergency plans to restructure four “bad banks”, weeks before new European bank rescue regulations come into force.
16 December 2015
Germany mulls changes to insolvency laws as EU neighbours amend theirs
Several European countries have passed changes to their insolvency laws in recent months, with France, Italy and the UK introducing new measures that give courts greater powers and expand the role of creditors, while the German legislature considers a bill to reform the regime’s clawback provisions – but harmonisation of laws across the EU still seems a distant prospect.
16 December 2015
Italian fuel trader turns to US to stay Danish creditor suits
An Italian fossil fuel trader has filed for bankruptcy protection in a Delaware court to safeguard it from US civil suits launched by Danish creditors.
16 December 2015