This article examines whether the impact of COVID-19 pandemic may constitute a force majeure event under Greek law perspective and if so, how it may affect the performance of contractual obligations in the Greek jurisdiction
The spread of COVID-19 has caused in view of the potential effect on facility agreements. While the effect of the pandemic may be temporary, there is likely to be an increased need for liquidity in an environment, where new loans will be difficult to obtain.
The transaction was pioneering in the South Korean aviation sector and is already being used as a guideline for future remarketing and restructuring transactions in the sector.
Germany has implemented measures to support businesses struggling from the effects of the COVID-19 epidemic. This includes a protective financial shield as well as changes to German civil and insolvency law.
The German Federal Government has announced support measures for businesses struggling from the effects of the COVID-19 epidemic. This newsletter focuses on the implementation of a protective financial shield as well as certain additional measures including tax reliefs and a loosening of insolvency filing requirements.
The credit facility will be used to refinance 31 vessels as well as repay circa US$455m of Teekay Tankers’ existing debt and extend balloon maturities from 2020/2021 until the end of 2024.
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