September 2022 CLE Event – Recent Developments in the European Finance Market (Archive)

Since the pandemic the UK and EU have put in place new, Chapter 11 like, restructuring frameworks which attempt to move EU/UK law insolvency laws from an asset recovery to business rescue focus. We will cover how these new frameworks, in particular the UK’s Restructuring Plan, might effect stakeholders’ position in European restructurings going forward.

We will also cover key considerations for investors including:

• the continued push by sponsors on documentation terms can lead the unwary investor to unexpected exposure to significant value leakage and debt incurrence capabilities
• EBITDA addback formulations and sponsor friendly calculation methodologies to watch out for
• the continued tightening of lenders’ ability to transfer/sub-participate/vote debt
• that continued increase in inclusion of ESG provisions in financing documents with renewed focus and discipline starting to be seen around sustainability linked structures.