Smooth Landing for Norwegian Air Group in Irish High Court Cross-Border Restructuring
On 26 May 2021, the Norwegian Air Group successfully completed its global restructuring, which began in the Irish High Court on 18 November 2020. At the commencement of the restructuring, the group was one of the largest low-cost airline carriers in Europe and among the 10 largest in the world. It...
The Impact of COVID-19 on Cayman Islands Restructurings
The long-term global impact of the COVID-19 pandemic will be far-reaching. It has already led to a significant drop in economic activity across the world, with certain industries, such as aviation, retail, hospitality, and tourism, being particularly affected. The Cayman Islands is home to one of...
The Impact of COVID-19 on Restructurings in Singapore, Hong Kong, and China
In the wake of the novel coronavirus (COVID-19), there has been significant disruption to the global economy. With lockdowns implemented, demand for goods and services has dropped drastically, and production and provision of services have slowed. Social distancing measures and travel restrictions...
UK Flag and Arrows
A week is often described as a long time in politics, and so also, it seems, in the restructuring market. In May, one week alone saw significant strides forward with: The judgment of Mr Justice Snowden in Virgin Active —the first contested showdown of the new Restructuring Plan, pitting the power...
Germany Offered Swift and Effective Pandemic First Aid
From an economic perspective, Germany has weathered the pandemic quite well until now—at least if success is measured in low unemployment and insolvency figures. How that was achieved, what changes were made to the German legal restructuring framework, and what may follow after the national...
Hands holding a retail store
The last decade has been enormously transformative for the retail industry. The soaring popularity of e-commerce, shifts in consumer behavior and demographics, and declining store foot traffic have pushed many traditional brick-and-mortar retailers to the brink, and some were tipped over into...
Winchester City centre High Street at night during mid-summer
Consumer-reliant sectors in the UK, such as retail, leisure, and hospitality, have been significantly, and potentially permanently, impacted by government lockdowns and movement restrictions related to the COVID-19 pandemic, as evidenced by the range of high-profile insolvencies in the past 12...
Rethinking Movie Theaters Amid Blockbuster Challenges
Stagnating attendance, high fixed costs, and mounting debt have long challenged the exhibitor industry. Consumer habits have continued to change as home theater equipment has become more affordable and newer streaming and video-on-demand (VOD) options have entered the marketplace. In addition,...
Neiman Marcus Offers Lessons for Retail Restructuring in the COVID-19 Era
As the COVID-19 pandemic continues to wreak havoc on the economy, corporate restructuring has provided a strategic alternative for many retailers. Coming as it did amid an already fragile retail environment, the pandemic pushed more than three dozen retailers into Chapter 11 bankruptcy in 2020,...
The Role of Restructuring Advisors in Refinancing Transactions
The oft-touted “retail apocalypse” has resulted in a large number of retailers seeking Chapter 11 protection. This wave of Chapter 11 filings has been attributed to a number of factors, including the rise of online and direct-to-consumer retail, a shift in retail preferences, and, of course, the...