On 26 May 2021, the Norwegian Air Group successfully completed its global restructuring, which began in the Irish High Court on 18 November 2020. At the commencement of the restructuring, the group was one of the largest low-cost airline carriers in Europe and among the 10 largest in the world. It...
The long-term global impact of the COVID-19 pandemic will be far-reaching. It has already led to a significant drop in economic activity across the world, with certain industries, such as aviation, retail, hospitality, and tourism, being particularly affected. The Cayman Islands is home to one of...
In the wake of the novel coronavirus (COVID-19), there has been significant disruption to the global economy. With lockdowns implemented, demand for goods and services has dropped drastically, and production and provision of services have slowed. Social distancing measures and travel restrictions...
A week is often described as a long time in politics, and so also, it seems, in the restructuring market. In May, one week alone saw significant strides forward with: The judgment of Mr Justice Snowden in Virgin Active —the first contested showdown of the new Restructuring Plan, pitting the power...
From an economic perspective, Germany has weathered the pandemic quite well until now—at least if success is measured in low unemployment and insolvency figures. How that was achieved, what changes were made to the German legal restructuring framework, and what may follow after the national...
Consumer-reliant sectors in the UK, such as retail, leisure, and hospitality, have been significantly, and potentially permanently, impacted by government lockdowns and movement restrictions related to the COVID-19 pandemic, as evidenced by the range of high-profile insolvencies in the past 12...
For decades, companies in financial distress in Europe have faced different and at times difficult local laws for restructuring in each member state of the European Union. In most member states, only insolvency regimes offering court-led proceedings have been available. Such proceedings have not...
In today’s economic climate, insolvency practitioners must be diligent in preserving an estate’s assets and creative in identifying unrealized value. Insolvent entities occasionally have claims that, if properly resourced and advanced, could yield value for creditors and other stakeholders. However...
The UK left the European Union on 31 January 2020. The transitional period, during which EU law continued to apply to the UK and the UK was, in many respects, still treated as an EU member state, ended at 11 p.m. on 31 December 2020 (IPCD). At the 11th hour, the EU and the UK agreed to terms of a...
Major legislative changes introduced new restructuring regimes across Europe in 2020. How did these changes impact European economies in 2020, and what are distressed investors expecting in 2021?
