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
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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.