The Bucharest Tribunal opened insolvency proceedings for Romanian airline AnimaWings on 28 October 2026. The airline first applied in September, seeking to restructure its debts and continue flying.

The tribunal rejected that application because the paperwork was incomplete. AnimaWings filed again on 20 October, and the court appointed a consortium of three insolvency administrators – CITR Filiala București, Infinexa Restructuring and Popescu & Asociații Insolvency – when it approved the second application.

AnimaWings suspended scheduled flights in early October amid growing financial pressure. The airline had withdrawn six Airbus A220-300 aircraft from service in September and cited recurring technical problems as one reason for the disruption. Its creditors reportedly include banks, airport operators and aviation service providers.

As of 31 October, the suspension covered all scheduled flights up to and including 15 November. The airline had yet to confirm when or if services would resume.

More at RusTourismNews

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British retail chain Poundland faces the prospect of insolvency as three recently appointed directors prepare to resign following a dispute with majority owner Gordon Brothers, Sky News reports.

The disagreement centres on US investment firm Gordon Brothers’ decision not to accept a solvent offer from Martin Property Group. Sources suggested a break-up was becoming increasingly likely, although a revised offer could still revive rescue hopes.

The retailer employs more than 10,000 people and operates approximately 600 stores. Several competitors have expressed interest in acquiring parts of its estate. According to Sky News, Gordon Brothers believes a break-up could improve its chances of recovering a £30 million shareholder loan. However, recent improvements in sales figures and a new store format have shown performance improvements, prompting questions about whether insolvency is necessary.

Read the latest at Sky News

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German department store chain Galeria has applied for insolvency proceedings at the Düsseldorf District Court, following previous filings in 2020, 2022 and 2024. According to Logistik Heute’s report of 2 October, its 83 stores were expected to continue trading while the company sought to stabilise its position.

Around 12,000 employees face uncertainty, with potential closures and eligibility for insolvency payments currently unresolved. Earlier proceedings had already resulted in store closures and substantial creditor concessions.

The renewed filing followed reports of unpaid rent and a credit facility of up to €160 million from Gordon Brothers in June, linked to a three-year restructuring plan. In July, Galeria announced a review of 33 stores and negotiations with landlords. The case comes amid wider pressure on German retail, including weak consumer confidence and growing competition from online shopping.

Read the full article in Logistik Heute

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Italian retailer Portobello will appear before the Court of Rome on 28 October 2026 to present measures intended to keep its restructuring plan on track. The hearing follows the judicial liquidation of Costruire Sostenibile, the plan’s principal proposed financier, and the loss of Portobello’s stake in Eprice IT.

Portobello says a new partner in Porto Italia, which operates the leased retail businesses, is already supporting working capital with approximately €2.5 million of merchandise. A separate creditor petition seeking Porto Italia’s liquidation has been withdrawn following resolution of the dispute.

The restructuring envisages at least €15 million in external financing and continued trading through Porto Italia. Four stores currently operate, with five further openings planned by year-end. Portobello aims to preserve the plan’s viability and protect creditors’ interests ahead of voting scheduled for 16–23 November.

More on this story at MarketScreener

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ADVANT Law is launching a cross-border series bringing together the perspectives of France, Germany and Italy – not country by country, but theme by theme.

They start with one of the Directive's most technical – and potentially most impactful – components: the framework governing pre-pack proceedings, which is split into the following 5 Episodes:
Episode 1 – Pre-pack proceedings under Insolvency III: what are we talking about?
Episode 2 – Does pre-pack already exist in our national laws?
Episode 3 – What is the role of creditors in pre-pack proceedings?
Episode 4 – What does the "best-interest-of-creditors" test really mean in a pre-pack?
Episode 5 – What are the creditor committees introduced by Insolvency III?
For restructuring and insolvency practitioners, the article offers a useful comparison of existing approaches and the implementation questions facing national legislators as they work towards the January 2029 transposition deadline.

Read the full article at ADVANT Law

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