Sanctions Slow Down Biggest Liquidation in Ireland
The €4 billion liquidation of two major Irish-based companies has hit a roadblock due to international sanctions. These companies, GTLK Europe and GTLK Europe Capital, were owned by a Russian state-controlled parent company. After Russia’s invasion of Ukraine, sanctions were imposed by governments around the world — including the United States.
In 2023, an Irish court ordered both companies to be shut down after they failed to repay debts. Creditors were owed nearly $180 million, and bondholders had claims on more than $3.25 billion worth of issued bonds. That made this case the largest corporate liquidation ever in Ireland.
The two companies controlled a large number of…