Reorg on the Record: New Restructuring Tools in Europe…| 11/10/21
Written by Shan Qureshi, Senior Legal Analyst || A rebalance of stakeholder power in the traditionally debtor-friendly restructuring regime of France took hold in October with the introduction of a new pre-insolvency measure, sauvegarde accélérée. France follows the Netherlands and Germany, which have both introduced their own new creditor-friendly restructuring tools - the WHOA and STarug, respectively - in compliance with the EU directive on preventive restructuring frameworks. The three new processes join the English law Part 26A Restructuring Plan, with all containing a cross-class cramdown power, albeit with varying degrees of court involvement and disclosure as discussed on our recent...
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