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

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Explore:  Commercial Loans

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.

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