News & Analysis as of

Restructuring Creditors United Kingdom

Akin Gump Strauss Hauer & Feld LLP

New Money - Marking the Boundaries

The majority of all 2023 EMEA restructurings involving an equitisation and/or a maturity extension required the provision of new money. While equitisation can solve for an over-leveraged capital structure, and maturity...more

Paul Hastings LLP

The Legal 500’s Restructuring & Insolvency Comparative Guide

Paul Hastings LLP on

Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more

Mayer Brown

Adler: Court of Appeal sets aside sanction of a Restructuring Plan

Mayer Brown on

In the first appeal of a restructuring plan under Part 26A Companies Act 2006, the English Court of Appeal unanimously set aside the first instance decision sanctioning the plan proposed by AGPS BondCo PLC, part of the Adler...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan (UPDATE)

Jones Day on

On January 23, 2024, the Court of Appeal in England and Wales (the "Appeal Court") upheld a challenge launched by dissenting creditors to overturn the UK Restructuring Plan (the "RP") of the Adler Group previously approved by...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan

Jones Day on

The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more

A&O Shearman

Court of Appeal Overturns Restructuring Plan Sanction and Looks at Cram Down

A&O Shearman on

On 23 January 2024, Snowden LJ handed down the Court of Appeal's judgment in the Adler Restructuring Plan case - AGPS Bondco plc - overturning the sanctioning of the Plan by the High Court in April 2023....more

Latham & Watkins LLP

English Court of Appeal Overturns Adler Sanction: What Next for Restructuring Plans?

Latham & Watkins LLP on

The decision represents the first appellate-level ruling on the Part 26A regime. On 23 January 2024, the Court of Appeal set aside the sanction of the Adler restructuring plan (RP) in the first appellate-level decision on...more

Cadwalader, Wickersham & Taft LLP

The Court of Appeal Judgment in the Adler Restructuring Plan: Pari Passu is Back!

On 23 January the Court of Appeal unanimously overturned the High Court’s decision to sanction Adler’s restructuring plan, following a successful challenge from an ad hoc committee of noteholders (the AHG). The judgment is...more

Cadwalader, Wickersham & Taft LLP

The 2023 Restructuring Market Wrap-Up

As 2024 gets underway, 2023 will be remembered as the year that King Charles III’s coronation captured our attention with its many (and occasionally bizarre) storied traditions and customs and, of course, for the passing of...more

Cadwalader, Wickersham & Taft LLP

Comet: The Court of Appeal provides timely guidance regarding unlawful preferences

Overview - The Court of Appeal has overturned the decision of the High Court in Carton-Kelly v Darty Holdings SAS, providing welcome clarity for directors of distressed companies when considering whether to make payments...more

Katten Muchin Rosenman LLP

Intercreditor Distressed Disposal Provisions: Pragmatic Decision Provides Certainty for Stakeholders

Investors in LMA-based intercreditor agreements (ICA) should be reassured by the commercial approach recently taken by the High Court in construing the "Distressed Disposal" provisions (DD Provisions)....more

Katten Muchin Rosenman LLP

Tips for Dissenting Stakeholders Challenging a Cram Down (or Up)

This article considers the key issues a dissenting creditor or shareholder (Dissenting Stakeholder) should consider when challenging a UK Restructuring Plan (Plan) under Part 26A of the Companies Act 2006. For convenience,...more

A&O Shearman

Recent restructuring plan cases: important guidance for advisers

A&O Shearman on

The restructuring plan has so far proven to be a powerful tool to facilitate restructurings of complex capital structures. Two recent cases provide further helpful guidance for advisers when formulating a restructuring plan...more

Kennedys

Bermuda: Restructuring & Insolvency 2022

Kennedys on

1 Overview - 1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions? Bermuda is a self-governing British Overseas Territory. The systems of law administered in...more

Dechert LLP

Smile Telecoms Restructuring Plan: English Court sanctions plan telling dissenting creditors to ‘stop shouting from the...

Dechert LLP on

On 30 March 2022, the English High Court sanctioned a new restructuring plan for Smile Telecoms Holdings Limited (“Smile” or the “Company”) (the “Restructuring Plan”). The restructuring will result in the Company’s super...more

Goodwin

National Security and Investment Act 2021 and Restructuring and Insolvency

Goodwin on

The National Security and Investment Act 2021 ("NSIA" or "the Act") came into force in the UK on 4 January 2022. NSIA expands the UK Government’s powers to scrutinise certain acquisitions and investments on national security...more

Alston & Bird

Amicus Finance – The First Part 26A Restructuring Plan Sanctioned by the UK Court Despite Opposition from a Senior Creditor Class

Alston & Bird on

For the first time, a UK court has crammed down a dissenting class of senior secured creditors. Our Financial Restructuring & Reorganization Group reviews the court’s reasoning and sets out the main takeaways from the...more

Dechert LLP

Smile Telecoms Restructuring Plan: Court grants convening application excluding “out of the money” creditor and shareholder...

Dechert LLP on

On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s...more

A&O Shearman

Regulations adopted to tighten control over pre-packs (UPDATED)

A&O Shearman on

As we stand facing another potential financial crisis, the UK adopted new regulations which tighten the screw to control pre-packaged sales to connected parties. ...more

Alston & Bird

Amicus Finance – The First Part 26A Restructuring Plan Involving a Senior Creditor Cram Up?

Alston & Bird on

A UK court has allowed the first case where the most-senior creditor class has been compromised under a restructuring plan despite its objections. Our Financial Restructuring & Reorganization Group outlines the background to...more

Latham & Watkins LLP

The Smile Telecoms Restructuring Plan: A Closer Look

Latham & Watkins LLP on

A restructuring plan completed earlier this year by Smile Telecoms notches up a number of firsts. African telecommunications provider Smile Telecoms Holding Limited, incorporated in Mauritius, successfully completed a...more

Dechert LLP

Hurricane Energy Restructuring Plan: Court Declines to Sanction Plan Cramming Down Shareholders

Dechert LLP on

On 28 June 2021, the English High Court handed down a judgment declining to sanction a restructuring plan proposed by Hurricane Energy PLC, which sought to cram down the dissenting class of shareholders and hand over the...more

A&O Shearman

Regulations adopted to tighten control over pre-packs

A&O Shearman on

As we stand facing another potential financial crisis, the UK adopted new regulations which tighten the screw to control pre-packaged sales to connected parties. ...more

A&O Shearman

Impact of the recent Gategroup decision on aviation restructurings

A&O Shearman on

First featured as an article in Global Restructuring Review, Jennifer Marshall and Harini Viswanathan consider what the Gategroup convening judgment that found UK restructuring plans to be an “insolvency proceeding” for the...more

Morrison & Foerster LLP

Pre-Packs: Can You See Us For What We Are Now?

Pre-packaged sales are often used as a rapid and discreet method to rescue a company, providing business continuity and preserving value. After years of heavy criticism due to the lack of transparency associated with such...more

34 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide