COVID-19: A Guide to the European Resources Available for Private Equity Firms

3 April 2020

As the current public health crisis continues to deepen in many parts of the world – and as policy-makers, businesses and investors respond in real time – this week’s European Funds Comment brings together a selection of the extensive resources that are available to European businesses. We hope this will be helpful to private equity firms working with European portfolio companies to respond to the devastating economic impact of the current situation.

We have included links to, and summaries of, some of the key resources that we hope will assist you.

We are available at any time to answer any questions you may have on the information included below.

For a complete list of Debevoise & Plimpton resources, please visit the Debevoise Coronavirus Resources Center.


General

Ø  NEW COVID-19 and Private Equity: The Impact of Financing Disruptions on Private Equity Portfolio Companies and Funds: A timely briefing on how the crisis is affecting deals, liquidity, fundraising and more.

Ø  NEW Covid-19 and Foreign Direct Investment: EU Sees Stricter Controls: A note on the new EU controls on inbound foreign direct investment.

Ø  UPDATED  COVID-19—So far, State-Sponsored Help for European Companies Is Open to All: This primer, which is updated on a weekly basis, sets out the main relief measures available to companies operating in the EU, UK, France, Germany and Italy.

Ø  Coronavirus—Key Implications for Your Business: This note discusses the most likely key implications of the pandemic on your business and commercial relationships.

Ø  Private Equity Secondaries Market Adapts to COVID-19: A note discussing the impact of the pandemic on the secondaries market.

Ø  NEW Present Tense: Allocating the Evolving Risk of COVID-19 in M&A Transactions: This note sets out some thoughts on COVID-19 driven risk allocation in M&A transactions.

Ø  NEW Important Regulatory Updates—UK and EU Regulators Respond to COVID-19: A note setting out the main regulatory changes in the EU and the UK in response to COVID-19.

Ø  COVID-19: Implications for Disclosure and Corporate Governance in the EU and UK: A primer on the main implications of the pandemic for disclosure and corporate governance in the EU and the UK.

Ø  COVID-19: Three Data Protection Tips for the EU and the UK: A note setting out some data protection-related considerations applicable to the UK and the EU.

Ø  Administering to Equity Compensation Programs Impacted by COVID-19: A note providing some tips on managing MIP awards in these difficult times.

Ø  SEC Extends Form ADV and Form PF Deadlines for Advisers Affected by COVID-19: A note dealing with the extensions available from the SEC in respect of Form ADV and Form PF submissions, which also provide relief for Exempt Reporting Advisers.


UK-specific

Ø  STOP PRESS UK Government announces extended loan scheme for larger businesses: A link to today’s government announcement.

Ø  NEW Changes to the UK Rules on Insolvency and Wrongful Trading: A primer on the UK’s proposed changes to its insolvency law regime and temporary suspension of wrongful trading rules.

Ø  NEW COVID-19: UK Government Publishes Guidance on Coronavirus Job Retention Scheme and Announces Help for the Self- Employed and COVID-19: Options Open to UK Employers: Notes setting out the details of the UK job retention scheme, which will cover 80% of wage costs of each furloughed employee up to £2,500 pcm per employee, and other options open to UK employers.

Ø  NEW COVID-19 and Its Impact on English Law Contracts:A note setting out the potential impact of the pandemic on English law contracts.


France-specific

Ø  NEW French Government Passes Ordinances to Adapt Its Legal Framework During the COVID-19 Epidemic: A note setting out the potential impact of the pandemic on English law contracts.

Ø   French Law in Response to the COVID-19 Pandemic: A note setting out some of the French responses to the pandemic, including some that are directly relevant to companies operating in France.

Ø   French Law: COVID-19, MAE clauses, Force Majeure and Hardship: A note setting out where MAE, force majeure and hardship may be relied on in the context of the pandemic by parties to French law contracts.


Germany-specific

Ø  NEW COVID-19: Temporary Changes to German Insolvency Law: A primer on Germany’s temporary changes to its insolvency law.

Ø  NEW COVID-19 and Its Impact on German Law Contracts: A note setting out where MAE, force majeure and hardship may be relied on in the context of the pandemic by parties to German law contracts.

Ø  NEW COVID-19: Temporary Changes to German Corporate Law: A primer on Germany’s changes to its corporate law.


Luxembourg-specific

Ø  NEW Luxembourg Amends Corporate Governance Rules in Response to COVID-19: A note on the changes to Luxembourg’s corporate governance rules.


Government Resources

Below are links to official websites setting out each government/institution’s response to the pandemic.


Industry Groups

Below are links to the COVID-19 pages of the main European PE industry groups.


Other Relevant Resources

Ø  NEW COVID-19 Valuation Guidance from the IPEV Board


Additional Resources