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Treatment of senior unsecured debt in European leveraged finance transactions

Introduction

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan  B (“TLB”) financings. A common feature of both SSNs and TLBs (together “Senior Secured Debt”) is that their terms typically permit the incurrence of senior unsecured debt by a borrower and its restricted subsidiaries (a “Credit Group”) subject to either satisfaction of a  financial ratio or through various permitted debt baskets.

USA, Banking, Insolvency & Restructuring, Litigation, White & Case, Unsecured debt
Apcoa restructuring scheme of arrangement sanctioned by the English High Court despite being contested – Court of Appeal hearing set for 9/10 December 2014

Speed Read

United Kingdom, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, High Court of Justice (England & Wales)
Insights from the 2014 European Distressed Investor Conference

On Monday 17 November 2014, Weil held its inaugural European Distressed Investor Conference at The Dorchester in London. A summary of the key discussion points follows.

Panel A:

European Union, Insolvency & Restructuring, Weil Gotshal & Manges LLP