American College of Investment Counsel – Recent Developments in the European Finance Market

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.

On 14 September, we collaborated with the American College of Investment Counsel to take a closer look at how these new frameworks, in particular the UK’s Restructuring Plan, might affect stakeholders’ position in European restructurings going forward.

In this webinar, we covered a number of 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; and
  • That continued increase in inclusion of ESG provisions in financing documents with renewed focus and discipline starting to be seen around sustainability linked structures.



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