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Clifford Chance

Clifford Chance

Briefings

Radical changes in the regime governing refinancing agreements aimed at avoiding insolvency proceedings

10 March 2014

  • Art. 5 bis. Notification of the start of negotiations can be used to block enforcement
  • Art. 56. Enforcement of security. The enforcement of pledges over shares of a holding company is not restricted
  • Art. 71 bis. The treatment of refinancing agreements protected against claw-back is made more flexible and a second scenario is introduced that does not require a report
  • Art. 84 and Second Additional Provision. Preferential treatment of new money is extended
  • Articles 92 and 93. A party that becomes a shareholder and finances the company at the time of the refinancing is not subordinated
  • Art. 165. Presumption of negligence for the purposes of the insolvency proceedings for the receivers and shareholders that prevent certain refinancing
  • Fourth Additional Provision. The scope and effects of the approval of the refinancing agreements (which could even affect secured creditors) are considerably extended and are protected against claw-back
  • Relaxing of the provisions regime
  • Extension of the rule for calculating losses due to deterioration related to the real estate sector
  • Public offering regime
  • Tax regime
  • Entry into force

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