Case Summaries

Full write-ups of European restructuring cases

Each summary covers the business, its history, the capital structure, what led to the filing, the financing and the fights between creditors, with every figure footnoted to the docket.

2 October 2026

Case Summary: airBaltic Chapter 11

Latvia’s state-owned airline filed Chapter 11 in New York after a 2026 jet fuel spike hit an airline with about 90% of its fuel unhedged. A €350 million DIP led by Strategic Value Partners repays the finance-leased A220s and takes first liens over them, which 2029 bondholders say moves more than €250 million of value out of their collateral.

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Coming up next

Summaries in progress, publishing in roughly this order.

Adler GroupGermany · English restructuring plan

Thames WaterUK · Part 26A plan

Casino GuichardFrance · accelerated safeguard

CelsaSpain · restructuring plan

SASScandinavia · Chapter 11

AtosFrance · accelerated safeguard

OrpeaFrance · accelerated safeguard

PetrofacUK · Part 26A plan