Review from previous edition:
Investing in Distressed Debt in Europe makes a genuine contribution to the literature by combining the practical knowledge of its expert contributors with serious legal analysis in an area which is infrequently covered in other work. Crucially, in doing so, it avoids simply setting the law out or recounting war stories from the market. Instead, it has been carefully structured and provides a rigorous analysis of the issues which it covers, so that the reader is likely to be able to navigate to the appropriate point with ease. This means that, whilst the book can certainly be read cover to cover, it is also invaluable for those with specific concerns and time constraints.
Throughout the COVID-19 pandemic, opportunities for distressed-debt investors continued to appear in the European market despite high numbers of state-backed loans and financial injections from EU member states. Such opportunities are set to increase significantly as this financial assistance is gradually withdrawn, and especially in light of the EU Directive 1023/2019 on Preventive Restructuring (the ‘Restructuring Directive’), which gives a more central role to distressed creditors who will benefit from more flexible pre-insolvency instruments with a broader scope.
This second edition, co-published with TMA Europe, provides an overview of the European distressed-debt market and covers, among other topics:
- non-performing loans;
- direct lending; and
- restructuring and workouts.
It explores these subjects from a pan-European viewpoint and includes a comprehensive analysis of how the Restructuring Directive has been implemented. Chapters have been written by leading experts in the field, supported by consulting editors Ignacio Buil Aldana and Patricia Alvarez Alonso, partners in the restructuring, insolvency and special situations team at Spanish law firm Cuatrecasas.
Whether you are a lawyer in private practice or in-house, a financial adviser or an investor, this practical guide will provide you with invaluable insight and a better understanding of the commercial and legal complexities involved in the European distressed-debt market.