24/07/2026 (Agence Europe) – On Friday 24 July, the European Commission launched a consultation on a draft aimed at updating the July 2014 guidelines (see EUROPE 11118/26) on the restructuring of non-financial undertakings in difficulty. Interested parties are invited to comment, until Tuesday 4 September, on the following main changes: - extending the scope of the guidelines to the steel sector; - taking into account, when an analysis is intended to establish whether an undertaking is in difficulty, the fact that innovative startups may accumulate initial losses without those losses indicating imminent insolvency; - including, in that same analysis, certain types of hybrid financial instruments. In addition to this consultation, consultations will also take place between the Commission and the Member States. The objective is to adopt the revised guidelines before the current rules expire at the end of 2026. Take part in the consultation: https://aeur.eu/f/n0i (MB)