• Competition - Portugal

  Catering cartel: first application of leniency statute and managers' liability rule

  Five companies have been fined €14.7 million for alleged price fixing in the catering sector. The cartel proved a recipe for disaster for managers and board members, who received fines totalling €20,000, with the exception of an individual leniency applicant, who received full immunity. In addition to its precedents on leniency and managerial liability, the case raises questions about possible damages actions.

• Insolvency & Restructuring - Belgium

  Controversial ruling on judicial reorganization leaves pledges less secure

  The president of the Brussels Commercial Court has ruled that in the context of a company's judicial reorganization, a creditor that holds a cash-flow pledge cannot obtain collateral security on that basis. This contradicts legislation that guarantees the right to realize a pledge, even if insolvency proceedings have begun.

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• $1.2 billion restructuring

  Tenedora Nemak SA de CV Weil Gotshal & Manges LLP - Warren T Buhle, Richard A Ginsburg; Davies Ward Phillips & Vineberg LLP - Gabriella Lombardi, Donald C Stanbury
  Syndicate of banks Milbank Tweed Hadley & McCloy LLP - Glenn S Gerstell, Thomas Igenhoven; Ritch Mueller SC - Guillermo Pérez Santiago

• Undisclosed acquisition

  Advanced Sterilization Products Bredin Prat - Emmanuele Masset, Pierre-Henri Durand
  Gloster Europe SAS Jones Day - Renaud Bonnet

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