Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

You’d think that with the sun finally showing its face that maybe the distressed activity would die down. Well, it hasn’t!

This week 9fin took a trip back to the good old Rolls Building to watch the convening hearing for OQ Chemicals on Wednesday, 31 July. That was another case of a deal requiring a Scheme to introduce a snooze provision into the debt docs because some lenders, despite being in favour of the deal, are restricted from voting.

The judge and barrister managed to squeeze some fun from the affair by geeking out over terminology.

“You snooze you lose!” Mr Justice Trower exclaimed with a jovial smile in response to Tom Smith KC, the company’s counsel, reading his skeleton argument (ironically, as some viewers in the gallery tried desperately not to snooze off). Trower also queried whether “sacred provisions” was a new jargon, which Smith was inclined to agree was new to the court room lexicon. Hear hear.