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  • 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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European Counsel Awards 2009