Welcome to our fourth quarter issue of Norton Rose Fulbright's International Restructuring Newswire. We again draw on our global team of lawyers to address some of the key issues facing restructuring professionals.
The recent restructuring of the Dutch shipping group Vroon demonstrates vividly the challenges facing practitioners dealing with the complexities of cross-border situations. The restructuring also demonstrates that with creativity and perseverance, practitioners can use the tools that exist to put together deals that preserve businesses and maximize recoveries for creditors and other stakeholders. Here, we take an in-depth look at the successful Vroon restructuring and how the parties used both a Dutch WHOA and an English scheme of arrangement to get the deal done.
In this issue, we also hear from our practitioners in Canada on the challenges to intercreditor covenants in insolvency proceedings and in the US on how cannabis companies fare in the US bankruptcy courts. And we take a global view on two increasingly critical issues: the use of mediation in restructurings and risk to directors of companies on the cusp of insolvency.
Good reading!
Howard Seife
Global Co-Head of Restructuring
New York
Scott Atkins
Global Co-Head of Restructuring
Sydney
Publication
On March 11, 2025, the VAT in the Digital Age (VIDA) package was finally adopted by the EU Council. The legislation was officially published in the EU Official Journal on March 25, 2025.
Publication
On 16 January 2025, the USTR published a notice of determination that China’s targeting of the maritime, logistics and shipbuilding sectors for dominance is actionable under Section 301 of the US Trade Act of 1974. Section 301 grants the USTR the authority to investigate and remediate, including through the imposition of tariffs or other import restrictions, foreign trade practices that it determines (1) are unreasonable or discriminatory, and (2) burdens or restricts US commerce.
Publication
The OECD Pillar Two rules (also known as the Global Minimum Tax), where implemented by a national jurisdiction, require multinational enterprises (MNEs) with a consolidated group turnover of more than €750 million to calculate the effective tax rate in each jurisdiction in which it operates.
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