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Major European hotel operator collapses into administration

Revo Hospitality Group, Europe’s largest white-label hotel operator, has filed for insolvency under self-administration in Germany. This move affects approximately 140 companies within the group, which…

​Claire’s and The Original Factory Shop on brink of collapse

In January 2026, UK high street staples Claire’s and The Original Factory Shop entered administration, putting approximately 2,500 jobs and 294 stores at risk. Both retailers, owned by investment firm…

Eight Advisory announced as new INSOL Europe Annual Congress Main Sponsor

Eight Advisory is a leading European independent consulting firm specialising in financial, operational and strategy advisory services. We support executives, shareholders, lenders and investors at critical…

Future of city housing project unclear after developer Capelli Lux files for insolvency

The South Village mixed-use development in Howald, Luxembourg, has been thrown into uncertainty following the bankruptcy of Capelli Lux, a subsidiary of the French real estate developer Groupe Capelli.…

News

European Restructuring: 2024 in review and outlook for 2025
In 2024, Europe experienced a significant restructuring landscape, though not the wave of insolvencies some had predicted. Analysts foresee a prolonged down-cycle without extreme fluctuations, partly due to covenant-lite structures and available investment funds. Covenant-lite terms and debtor-friendly insolvency laws have enabled companies like Altice and Ardagh to pursue aggressive liability management transactions, a trend that may grow in 2025. However, uncertainty remains over the viability of these transactions following the Serta ruling in the US.

The UK’s Part 26A restructuring plan (RP) remained the preferred restructuring tool, with key cases such as Adler and Thames Water shaping legal precedent. RPs continued to be used to cram down creditors, including landlords, in cases like Cineworld and Virgin Active. As RPs become more common, courts have reinforced the importance of proper litigation strategies when challenging them, with cases like Chaptre Finance highlighting the need for expert evidence and procedural compliance.

Beyond restructuring plans, liability management transactions became more prominent in Europe, with creditors using cooperation agreements to counteract aggressive debt moves. Additionally, financial distress in key sectors, such as the UK’s privatised water industry and higher education, could lead to further restructuring activity in 2025. Thames Water’s RP and the financial struggles of universities, exacerbated by rising costs and reduced student enrollment, are expected to be major focal points in the coming year.

Read the full article at Cadwalader which includes examples and full references
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