A new type of court restructuring proceeding has been introduced in Poland as part of the COVID-19 crisis legislation: simplified restructuring proceedings available until June 2021, allowing the debtor to individually initiate the proceedings, said Karol Czepukojc and Pawel Dlugoborski, two counsels co-heading Baker McKenzie’s restructuring and insolvency practice in Poland.

The USD 500m debt of Istanbul Deniz Otobusleri (IDO), a Turkey-based ferry company, will be divided into two as a sustainable and unsustainable loan, which will be reinstated separately on the OpCo and MidCo levels, according to two sources familiar with the situation.

Still reeling from the aftermath of the currency crisis in Summer 2018, Turkish corporates are poorly positioned to weather a fresh storm caused by the coronavirus pandemic, according to market participants polled by Debtwire.

The Ministry of Economic Development of the Russian Federation has submitted a draft law to its parliament, which is considered a reform of its existing bankruptcy legislation, introducing, amongst others, efficient debt restructuring tools.  

Debtwire Europe's restructuring team has produced a series of articles focusing on the measures taken by the main European countries in response to the coronavirus (COVID-19) pandemic, as well as selected companies affected by it. We start today with Italy.

Oleg Bakhmatyuk told Debtwire he believes the revival of an investigation into the alleged embezzlement of a UAH 1.2bn (USD 49.6m) stabilisation loan received by VAB Bank – a bank he previously owned that was liquidated in 2015 – is “purely politically motivated”.

The Kingdom  of Bahrain enacted a new bankruptcy law in December 2018, sweeping away its previous legislation and replacing it with a thoroughly modern toolkit. The law is a revolutionary improvement compared to what existed before, said lawyers polled by Debtwire.

When the Tower of Lethendy, a baronial-style eight-bedroom castle near Perth, Scotland, went on the market in 2015 for more than GBP 2.5m, pop icon Taylor Swift was among those rumoured to be an interested buyer.

The Dubai International Financial Centre (DIFC) enacted its new Insolvency Law on 30 May, introducing internationally utilised insolvency and restructuring tools to offshore DIFC jurisdiction.

With few signs that a financial fix for Turkey’s debt-laden energy sector – proposed by the government earlier this year – is any closer to materialising, concern is mounting that not enough is being done to achieve an urgently needed operational turnaround in the industry, several market participants told Debtwire.

An omnibus bill entered into force in Turkey last week, introducing long-awaited additional provisions to the country's Banking Law aimed at solving a number of technical and practical hurdles to debt restructurings.

According to new data from the Debtwire ABS NPL Database presented today at Debtwire’s Italian Restructuring Forum in Milan, Italy is expected to lead the pack of European loan portfolio sellers again in 2019. 

Mozambique continues at the heart of a dramatic debt scandal which has left investors in wait-and-see mode, according to five market participants polled by Debtwire. The government's USD 727m 10.5% 2023 bonds have scarcely traded since January despite many enquiries, said a trader.

We learnt a lot from Debtwire Week 2018, with industry experts taking to the stage to highlight the challenges in the market.