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Freshfields lawyers author two chapters for GRR Americas Restructuring Review 2024
Two cross-border teams have contributed chapters of Global Restructuring Review (GRR) Americas Restructuring Review 2024. The GRR Restructuring Review is a collection of insights and thought leadership to build a global outlook on the world of restructuring and insolvency. Learn more about our chapters below:
Capital Solutions Financings: Yield Driving Structure
In this chapter, our lawyers explore some of the typical deal structures for capital solutions financings (including relevance in certain non-US jurisdictions) in the broader private credit universe, various ways in which yield is captured in debt focused capital solutions instruments and offer thoughts on the vulnerability of call protection and related concepts.
This chapter was drafted by New York-based partners Damian Ridealgh, Mark Liscio and H.T. Flanagan, Milan-based partner Francesco Lombardo, Frankfurt-based partner Michael Josenhans and London-based partner Ken Baird.
To read the chapter online, click here.
EU Adaptation of Important Chapter 11 Provisions
For many years, Chapter 11 was both the model and the only successful restructuring option on the global level. This started to change when in 2019 the EU introduced the EU Restructuring Directive, requiring EU member states to introduce a pre-insolvency restructuring tool and mandating certain features it would need to have. The UK moved most quickly – at the time no longer required to do so given Brexit – to secure a competitive advantage. In June 2020, it enacted the Corporate Insolvency and Governance Act 2020, which introduced the restructuring plan, closely modelled on the pre-existing UK scheme of arrangement but with important bells and whistles. Now, in 2023, most EU countries have adopted the Directive.
This chapter focuses in particular on the Netherlands, France, Germany and Spain. Three years on from the UK introduction, and two years since the Netherlands and Germany moved (slightly more recent for France and Spain), what are the lessons we can already learn and what does this likely mean for the future?
This chapter was drafted by London-based partner Ken Baird and counsel Katharina Crinson, Paris-based partner Guilhem Bremond, Amsterdam-based partner Michael Broeders, Hamburg-based partner Jan-Philip Wilde, Madrid-based partner Ana López, New York-based partner Mark Liscio and counsel Samantha Braunstein, senior knowledge lawyer Charlotte Ausema and knowledge lawyer Silvia Angós.
To read the chapter online, click here.
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