First European default on the horizon

Despite benign market conditions and historically low default rates, the European market could see its first default since Concordia Bus in February 2005. The French automotive logistics company Global Automotive Logistics (GAL) petitioned the Commercial Court of Nanterre for the commencement of a procedure de sauvegarde (the equivalent of a standstill agreement where creditors are unable to take any action against the company) thus potentially triggering an event of default under the terms

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