The recent case of Cortefiel SA, a leading Spanish high street clothing retailer (“Cortefiel”), has demonstrated the possibility of amending and extending a company’s obligations under its finance documents by way of an English law scheme of arrangement.
In this article we examine:
- the potential use of schemes as a tool for amend and extend proposals in light of the Cortefiel decision; and
- the implications for collateralised loan obligation (“CLO”) vehicles and likely grounds for challenge.
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