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    EU to introduce new directives to toughen protection against bankrupt airlines
    2010-02-15

    The European Commission has proposed measures to protect independent travellers from financial loss if their airline collapses. Current rules provide tourists who book package holidays with protection covering brochure information, rights to cancel without penalty and airline or tour operator insolvency. However, 23% of travellers in the EU now book independently.  

    Filed under:
    European Union, Aviation, Insolvency & Restructuring, Leisure & Tourism, Morton Fraser MacRoberts, Bankruptcy, European Commission
    Authors:
    Beverley Wood
    Location:
    European Union
    Firm:
    Morton Fraser MacRoberts
    New shipyard legislation in Poland to comply with EU state aid rules
    2009-04-01

    In November 2008, the European Commission (EC) found state aid granted by the Polish government to two Polish state-controlled shipyards (Stocznia Szczecinska Nowa and Stocznia Gdynia), illegal under EU single market rules and requested its return to the government with accrued interest. The EC decided however to postpone the enforcement of the return of state aid for seven months until 6 June 2009 to allow for the prior public sale of the shipyards’ assets at market price.

    Filed under:
    European Union, Poland, Insolvency & Restructuring, Shipping & Transport, Trade & Customs, Norton Rose Fulbright, Bankruptcy, Internal market, Liquidation, Subsidy, State aid, European Commission
    Authors:
    Grzegorz Dyczkowski , Richard Howley
    Location:
    European Union, Poland
    Firm:
    Norton Rose Fulbright
    Lehman Brothers International (Europe) (in administration)
    2009-10-26

    Summary

    The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).

    A full copy of the Report is attached, which includes detail about the positions realised and expenses to date. Key points of interest are as follows:

    Filed under:
    European Union, Insolvency & Restructuring, Mayer Brown, Unsecured debt, Dividends, Interest, Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    Ian McDonald , Ashley Katz , Kristy Zander
    Location:
    European Union
    Firm:
    Mayer Brown
    Restructuring aid to Bison Bial is approved by the Commission
    2007-10-12

    The Polish metal tools manufacturer, Bison Bial (Bison), will be able to receive state aid amounting to €8.2m in order to enable the company to carry out a restructuring programme to improve the firm’s economic viability. After Bison entered into financial difficulties, Poland notified the European Commission that it wanted to provide aid to the company. The Commission decided that such aid was compatible with EU state aid rules, provided that the investment programme is fully implemented and the company sells one of its production divisions by the end of 2009.

    Filed under:
    European Union, Poland, Insolvency & Restructuring, Trade & Customs, Nabarro LLP, Economy, State aid, European Commission
    Location:
    European Union, Poland
    Firm:
    Nabarro LLP
    Commission opens investigation into restructuring aid to Italian textile producer Legler
    2007-10-31

    The Commission has opened a formal investigation under EC Treaty state aid rules into a series of aids amounting to €40.7 million that Italy intends to grant to Legler S.p.A, a denim textile producer. The Commission doubts at this stage that the restructuring plan of Legler S.p.A. would restore the beneficiary's commercial viability and is concerned that the aid would create undue distortions of competition in this highly competitive market. The opening of the formal investigation gives interested parties an opportunity to comment on the proposed measures.

    Filed under:
    European Union, Italy, Insolvency & Restructuring, Trade & Customs, Bird & Bird LLP, Beneficiary, Debt, Concurrence, State aid, Joint-stock company, European Commission, Treaty of Rome
    Location:
    European Union, Italy
    Firm:
    Bird & Bird LLP
    What is next for high yield bonds?
    2008-01-31

    This article was published in slightly different format in the January 2008 issue of Credit Magazine.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, White & Case, Bond (finance), Shareholder, Interest, Market liquidity, Debt, Refinancing, Default (finance), Credit rating, Distressed securities, Write-off, Bank of England, Title 11 of the US Code
    Location:
    European Union, United Kingdom
    Firm:
    White & Case
    CFI rejects interim measures in Polish steel cases
    2008-04-16

    On 14 March 2008 the Court of First Instance (CFI) issued two orders rejecting applications for interim measures by two subsidiaries of a Polish steel producer (Buczek) to suspend the application of a Commission recovery decision pending the final judgment in the case. Between 1997 and 2003 Poland was granted a derogation from the general prohibition on restructuring aid to the steel sector. The derogation was conditional upon Poland implementing a restructuring plan. Aid was provided to Buczek, who failed to properly implement its restructuring plan and went bankrupt in 2006.

    Filed under:
    European Union, Poland, Insolvency & Restructuring, Litigation, Trade & Customs, Nabarro LLP, Bankruptcy, Subsidiary, European Commission, Court of First Instance (Hong Kong)
    Location:
    European Union, Poland
    Firm:
    Nabarro LLP
    Call for technical advice on financial conglomerates
    2008-05-12

    The European Commission Internal Market and Services DG has sent to the CEBS and CEIOPS Interim Working Committee on Financial Conglomerates a third call for technical advice on the Financial Conglomerates Directive.

    View Call for technical advice on financial conglomerates, (PDF 554KB), 7 May 2008

    Filed under:
    European Union, Banking, Capital Markets, Insolvency & Restructuring, Norton Rose Fulbright, European Commission, European Commissioner for Internal Market and Services
    Location:
    European Union
    Firm:
    Norton Rose Fulbright
    Restructuring aid for producer of household appliances
    2008-10-31

    On 21 October 2008, after a year-long investigation, the European Commission (Commission) approved a restructuring plan designed to restore the viability of the French household firm FagorBrandt. The firm produces a range of large household appliances such as refrigerators, washing machines and stoves. The proposed restructuring plans will include the sale of certain activities and plant closures and a refocus on high added value products.

    Filed under:
    European Union, France, Insolvency & Restructuring, Trade & Customs, Nabarro LLP, European Commission
    Location:
    European Union, France
    Firm:
    Nabarro LLP
    Commission approves Alitalia asset sale
    2008-11-14

    The European Commission has approved the plan by the Italian authorities to sell the assets of the airline Alitalia, which had entered into financial difficulties, under a special insolvency procedure. The Commission concluded that the sale of the assets would not constitute a subsidy prohibited under EU State aid rules provided the assets are sold at market value and other conditions have been satisfied. An independent trustee has been appointed to oversee the sale by the administrator assigned under the special insolvency procedure.

    Filed under:
    European Union, Italy, Aviation, Insolvency & Restructuring, McDermott Will & Emery, Liquidation, Subsidy, State aid, Market value, European Commission, Trustee
    Location:
    European Union, Italy
    Firm:
    McDermott Will & Emery

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