For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

July 18, 2015 was the second anniversary of the City of Detroit's filing for bankruptcy. This action was taken by the City's Emergency Manager Kevyn Orr, with the support of Michigan's Governor Rick Snyder. But, with the exception of Detroit's corporate leadership, it was fiercely resisted by virtually all other interested parties, including political leaders, public employees, holders of the City's debt obligations as well as virtually all commentators in the media.

RESTRUCTURING FOCUS ON 2019

JANUARY 2019

RESTRUCTURING: FOCUS ON 2019

CONTENTS

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VIEW FROM THE TOP NEW MONEY CONSIDERATIONS SOMETHING FOR ALL INVESTORS? THE INTERCREDITOR MINEFIELD LESSONS FROM CLAIRE'S STORES GOVERNANCE THE SPECTRUM OF OPTIONS CHAPTER 11 FOR THE UK? BREXIT AND UK INSOLVENCY REFORM EU INSOLVENCY REFORM: A CHANGING LANDSCAPE INDEPENDENT RECOGNITION WEIL CONTACTS

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2 RESTRUCTURING: FOCUS ON 2019

VIEW FROM THE TOP

RESTRUCTURING: FOCUS ON 2019

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Business Finance and Restructuring What will 2018 hold? Horizon scanning for 2018 Legal Outlook Legislative changes Reform of English corporate insolvency framework The Insolvency Service has yet to react to responses to its consultation in mid-2016 on significant reforms designed to improve the restructuring tools available to companies.1 We had expected the government to push this forward in 2017, but the reforms appear to have stalled and the issue was sadly missing from the Queen’s Speech.

As we have discussed in prior blog posts, The Battle of the Student Loan Discharge, The Eternal Pursuit to Collect: Due Process Rights and Actions to Collect on a Debtor’s Defaulted Student Loans