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    295 delegates attend EECC Budapest!

    295 delegates attended our EECC Conference in Budapest last week - a record number for these events! Report and photos coming soon!

    Annual Congress 2017, Warsaw: Registration now open!

    Reserve your place today!

    61 delegates attend INSOL Europe's first training course in Romania

    The first Module of the INSOL Europe High Level Course on Insolvency Law in Eastern European Jurisdictions took place from 2 to 4 February 2017 in Bucharest. Emmanuelle Inacio reports.

    EYES on Insolvency Conference Report

    Myriam Mailly, Technical Officer of INSOL Europe reports on the recent one-day international conference in Amsterdam attended by over 250 delegates.

    News
    Alitalia pleads for buyers

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    Having entered into administration following its failure to agree a turnaround plan with employees, Alitalia has been set a deadline to secure a buyer. As reported in International Business Times, Italy's flagship airline has been given until 5 June to find a suitable offer.

    Proposals are being invited from individual organisations and multi-business consortiums with an interest in funding the future of the airline. It is understood that consideration will be given to those who are looking to purchase the carrier in its entirety, or those who wish to present a plan for restructure. Interested parties who intend to purchase specific assets or contracts will also be considered.

    Efforts to find a buyer prior to the company’s collapse were unsuccessful. Despite a €600 million loan being supplied by Rome, it has been suggested that no additional state support will be allocated to aid Alitalia's rescue.
    International Bank of Azerbaijan debt likely to damage the country's reputation

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    bne IntelliNews reports that the International Bank of Azerbaijan (IBA) is facing potential damage to its reputation as a result of the significant debts incurred over recent years. Experts are also warning that there may be a notable impact on the country's wider economy.

    The state-owned bank, which is also the nation's largest, has announced plans to restructure in order to address some of the debts it currently holds. IBA is temporarily ceasing repayments of foreign currency-denominated loans, with a view to focus on its forex obligations and swap them for sovereign debt.

    It is also understood that the bank is focused on securing repayments from a number of key creditors ahead of this restructure. Reports suggest the bank has approximately €3 billion worth of debt, with several US companies such as Citibank and Cargill among the largest creditors.
    Croatian supermarket chain Konzum on brink of collapse
    The BBC has found that Croatia's biggest supermarket chain, Konzum, is reportedly on the brink of collapse due to the financial struggles of its parent company. Agrokor is the nation's largest employer, directly employing 60,000 of the country's four million residents. However, the company is also facing significant debts accrued over several years, which will impact the future of Konzum.

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    Konzum has approximately 1,000 stores across the country and works with 2,500 suppliers within Croatia. Overall, this network of organisations employs over 150,000 people nationwide. Experts are therefore warning that if Agrokor – and consequently Konzom – were to collapse, it could spark a recession within Croatia.

    The organisation incurred debts when it purchased Slovenian rival Mercator in 2014, and has struggled to repay them. As a result, the impact would also be felt further afield, as the conglomerate also holds interests in Bosnia, Montenegro, Slovenia and Serbia, potentially leading to widespread financial difficulties in the Balkan region.
    Crowdfunded railway company Locomore files for insolvency
    Locomore, a German train operator that began trading in 2016 after a successful crowdfunding campaign, has filed for insolvency. Global Rail News reports that, despite a demonstrated growth in revenue, Locomore has been deemed to not be cost-effective, resulting in losses for the business. 

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    The business was launched in 2016 as an alternative to the state-owned Deutsche Bahn rail operator, aiming to provide lower-cost rail travel in Germany. Representatives from the company state that while passenger numbers and revenue showed growth, it was not at a rate that enabled cost-effective operation.
    The company is aiming to provide an ongoing service despite the initiation of insolvency proceedings, although it has been confirmed that some services have been cancelled. The founders of the business are seeking investors to support continued operation of the company, believing a strong future for the train operator is possible with the right backing.
    Redundancies at Greggs as three major factories closed
    According to the Chronicle Live, as many as 350 employees of the bakery company Greggs have accepted voluntary redundancies following the decision to close three major factories. The company has announced a drastic plan to overhaul the manufacturing division, resulting in the planned closures of bakeries in Sleaford, Twickenham and Edinburgh. The identified factories are due to close within the next five years. 

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    The restructure will see nine new "centres of excellence" being rolled out, specialising in making specific products for the numerous stores across the UK. Clydesdale will be the first centre of excellence to be launched, and will focus on the creation of Yum Yums.

    Representatives of Greggs have stated that while the restructure within the company will reduce the number of jobs available in manufacturing, it is anticipated to lead to a greater number of jobs available overall.