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The impact of the Directive on shareholders, companies’ directors and workers

As widely announced, the so-called “Proposal for a Directive on pre-insolvency proceedings” was made public before 2016 ended (on 22 november). With a view to a minimum harmonisation of substantive insolvency law, the future Directive aims to put in ...

Resource Article - twallace@abiwor... - 10/26/2017 - 12:05 - 0 comments - 1 attachment

Portuguese Biggest Banks Try New Approach to Tackle €25 Billion in Bad Loans

Portugal’s three biggest banks have agreed to create a jointly managed platform to tackle their bad loans, one of Europe’s largest problem debt piles, the Financial Times reported. Millennium BCP, Novo Banco and state-owned Caixa Geral de Depósitos s ...

Daily Headline - global.abi.org - 10/01/2017 - 18:46 - 0 comments

Portugal's Big Banks Team Up to Tackle Bad Loans

Portugal's three biggest banks plan to manage jointly some of their bad loans to avoid more writedowns, effectively taking on the task of trying to tackle one of Europe's biggest bad-debt burdens, the International New York Times reported o ...

Daily Headline - global.abi.org - 09/28/2017 - 14:51 - 0 comments

Pimco to Back Novo Banco Debt Deal at Friday Vote

Major Novo Banco bondholder Pimco plans to support a restructuring deal at the state-rescued Portuguese lender in a vote this Friday, though the bank could still struggle to get the necessary backing, a source familiar with the matter said. The agreed sa ...

Daily Headline - global.abi.org - 09/27/2017 - 22:23 - 0 comments

Portuguese Bonds in Biggest Post-Crisis Rally After S&P Upgrade

Portuguese bonds staged their biggest rally in more than seven years on Monday after the country won back its investment-grade credit rating, marking one of the most significant milestones in the currency union’s return to fiscal health, the Financial ...

Daily Headline - global.abi.org - 09/18/2017 - 23:20 - 0 comments

Portuguese GDP Growth Slows to 0.2% In Second Quarter

domestic product expanded 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a forecast of 0.6 per cent. It means year on year growth held steady at 2.8 per ... 0.2 per cent in the three months to June, down from 1 per cent at the start of the year and below a ...

Daily Headline - global.abi.org - 08/14/2017 - 19:41 - 0 comments

Novo Banco Launches Debt Swap to Secure Lone Star Takeover

Novo Banco SA, the Portuguese lender created from the collapse of Banco Espírito Santo SA three years ago, has launched a plan to raise €500 million ($582 million) from a bond exchange—a condition of its takeover by U.S. private-equity firm Lone Star Fun ...

Daily Headline - global.abi.org - 07/25/2017 - 21:12 - 0 comments

The New Age of Debt… and the common function of insolvency and restructuring law

Years of economic stagnation and the costs of the financial sector bailouts in Europe, but also excessive growth in China and other developing countries, account for a continued increase in global debt. According to a 2015 study by the McKinsey Global In ...

Resource Article - twallace@abiwor... - 06/30/2017 - 09:40 - 0 comments - 1 attachment

Portugal’s Economic Revival Brings ‘Crisis of Good News’

António Costa may soon discover that success brings its own problems. Portugal’s proudly anti-austerity prime minister is ebullient after returning the former bailout country to fiscal health and presiding over a robust economic recovery, the Financial ...

Daily Headline - global.abi.org - 06/05/2017 - 19:46 - 0 comments

EU Underlines Portugal’s Recovery From Debt Crisis

Portugal’s recovery from the eurozone’s debt crisis reached a milestone on Monday as the EU said the country, which needed an international bailout, was no longer in breach of the bloc’s budget rules, the Financial Times reported. Brussels’ verdict u ...

Daily Headline - global.abi.org - 05/22/2017 - 23:01 - 0 comments

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