Cortefiel – The Use of Schemes of Arrangement for ‘Amend & Extends’

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Introduction -

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.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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