The English High Court has sanctioned the second restructuring plan proposed by Waldorf Production UK Plc, despite strong opposition from HMRC. The plan enables Harbour Energy’s $205 million acquisition of Waldorf’s North Sea assets, conditional on the restructuring extinguishing around $94 million of Energy Profits Levy liabilities, with HMRC receiving approximately 14% of its claim. 

The decision follows the court’s refusal to approve Waldorf’s first plan in August 2025, when concerns were raised about fairness and the treatment of dissenting creditors. In approving the revised plan, the court found that HMRC would be no worse off than in the likely alternative insolvency scenario and rejected arguments that the tax authority should have an effective veto over restructuring plans. 

The judgment is a significant development in UK restructuring law, clarifying the limits of HMRC’s influence and reinforcing the court’s willingness to use cross-class cram down powers where a plan is considered fair.

Read more at Kirkland & Ellis

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Tubos Reunidos, the historic Spanish steel pipe manufacturer founded in 1892, has filed for voluntary insolvency after 134 years in business, highlighting the mounting pressures facing Europe’s industrial sector. 

The Basque-based company, which produces seamless steel tubes for the energy and petrochemical industries, accumulated debts of around €263 million after demand weakened sharply and profitability deteriorated. The company swung from profits in 2023 to major losses in 2025, hit by rising energy and labour costs, cheaper imported steel, weak industrial demand and a crushing 50% US tariff on steel exports imposed in 2025.

The company employs nearly 1,300 people across Spain and the US, with workers protesting against planned redundancies and uncertainty over the company’s future. A court-appointed administrator is now expected to oversee restructuring efforts, asset sales and negotiations with creditors as the firm attempts to preserve operations

Read more at EuroNews here

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Swedish e-fuel developer Liquid Wind AB has filed for bankruptcy, delivering a significant blow to the green shipping sector. The Gothenburg-based firm, which specialized in producing net carbon-neutral e-methanol from biogenic CO2 and renewable electricity, has been placed under court-appointed administration. The entire business, including its Swedish, Danish, and Finnish subsidiaries, is now up for sale.

Liquid Wind had aimed to establish ten commercial-scale plants by 2030 to supply hard-to-abate sectors such as shipping and aviation. The collapse has occurred despite a recent $44 million equity raise and high-profile partnerships with Alfa Laval, Siemens Energy, and Uniper. 

The bankruptcy highlights wider challenges facing the green shipping sector, including high development costs, uncertain fuel demand and difficulties securing long-term offtake agreements for large-scale e-fuel production.

Find out more at Maritime Executive here

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Allianz’s PIMCO and Legal & General Group (L&G) face a high-stakes lawsuit in the English High Court over the future of Brussels' iconic €1.2 billion Finance Tower. The skyscraper’s ultimate owner, South Korea-listed JR Global REIT, collapsed into insolvency in April, triggering a bitter dispute between the lenders and the property's management.

The lawsuit accuses PIMCO and L&G of exerting "undue pressure" on property valuers in an aggressive attempt to freeze the tower's rental income. In response, the insolvent owner's representatives filed legal actions in both London and New York to stall the lenders’ alleged aggressive financial manoeuvres. 

The 142-meter building represents one of the most significant real estate battles currently playing out in European commercial courts, highlighting growing tensions between major institutional lenders and struggling global property investment vehicles.

Read the latest at Insurance Journal

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Volkswagen CEO Thomas Schäfer recently outlined a ‘fundamental transformation’ of the brand’s business model as rising costs, weaker demand, Chinese competition, and U.S. tariffs put pressure on profits. As at early May 2026, the company plans deeper cost-cutting measures beyond its existing restructuring programme, which already includes tens of thousands of job cuts in Germany and lower production targets. 

VW aims to simplify its product lineup and reduce the number of platforms and variants to improve efficiency while maintaining vehicle quality. CFO Arno Antlitz said the company needs structural and sustainable changes, including faster technology development and quicker decision-making. Several VW brands, including Audi and Porsche, saw declining sales in early 2026, while Skoda was the only major brand to grow. The automaker is also trying to accelerate EV development and adapt to a rapidly changing and challenging global auto market, focusing investment on high-margin vehicles and high-demand segments, rather than its traditional portfolio of niche models.

Read more at Motor1

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