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The article discusses economic challenges to European legacy airlines and carriers. It notes the ability of U.S. airline companies to financially restructure under Chapter 11 bankruptcy and the lack of a similar option for European commercial airlines. It addresses the impact of labor unions and collective bargaining agreements on European airlines including Iberia, Swiss International Airlines, and British Airways.

Reports that European cable company NTL Inc. has announced its emergence from Chapter 11 bankruptcy protection with a redesigned operating structure and debt structure. Entities into which NTL Inc. has been split; Debt amount that has been converted into equity in companies created by the division.

The author reflects on the bankruptcy crisis faced by the Wall Street system of banks in the U.S. in 2015. He mentions that the bankruptcy crisis is made worse by the decline of the euro and that European banks are loaded with debt securities. He states that the Wall Street banks need to be shut down effectively and placed through a bankruptcy reorganization to remain some limited function as commercial banks.

The article reports on the decision of copper tube maker Wolverine Tube Inc. to seek a buyer for its Netherlands-based Wolverine Tube Europe BV sales and distribution entity. The move is part of Wolverine's efforts to pay off debts and exit Chapter 11 bankruptcy protection, under a memorandum of understanding (MOU) it signed with Pension Benefit Guaranty Corp. (PBGC), one of its creditors. It provides an overview of the terms of the MOU. The company attributes its bankruptcy to volatile copper prices and declining sales revenue.

The article reports on the anticipated recovery of CIT Group Inc. from bankruptcy due to the submission of the prepackaged plan of reorganization in Europe. Jeffrey M. Peek, the chief executive officer of CIT Group Inc., cites on the success of the firm to emerge from bankruptcy based on its stronger capital structure and improved liquidity profile. The prepackaged plan of reorganization has allowed bondholders to own notes and equity in the restructured firm.