This Note provides a broad overview of structuring and restructuring European leveraged finance transactions for US practitioners and touches upon issues and strategies arising from the lack of a pan-European insolvency regime. In addition, it illustrates a common European restructuring solution where the borrower's business is sold as a going concern. If the business is sold to the lenders, a parallel aim is to allow the borrower’s underlying business to continue operating with reduced levels of debt after the restructuring.