There is an enhanced framework for the court to exercise its discretion to sanction a restructuring plan involving a cross-class cram-down ("CCCD"). This test involves a review of the relative benefits to the assenting and...more
Key Takeaways - The use of the UK restructuring plan ("Plan") introduced last summer has been gathering pace with a handful of recent judgments seeing it used to implement cross-border restructurings instead of UK schemes of...more
This case reiterates the opportunity that an English scheme provides to companies in emerging market jurisdictions seeking to restructure their English law debt obligations with international lenders. Mr Justice Snowden’s...more
1/30/2018
/ Bondholders ,
Creditors ,
Debt Restructuring ,
Default ,
Eurobonds ,
Foreign Bankruptcies ,
Insolvency ,
International Litigation ,
Jurisdiction ,
Lock-Up Agreement ,
Scheme of Arrangement ,
Standstill Agreements ,
UK
In a significant judgment on 9 November 2017, the High Court in London granted recognition of the extraordinary administration proceedings on-going in respect of the Croatian conglomerate Agrokor as a foreign proceeding under...more
1/29/2018
/ Appeals ,
Croatia ,
Cross-Border Insolvency Regulations (CBIR) ,
Cross-Border Transactions ,
Enforcement Actions ,
Foreign Bankruptcies ,
Lenders ,
Member State ,
Moratorium ,
Public Policy ,
Russia ,
UK
The existing insolvency rules in the UK have been recast with the aim to "modernize and consolidate" the procedural framework for insolvency processes in the UK and promote efficiency. The Insolvency (England and Wales) Rules...more
Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU...more
7/12/2017
/ Bankruptcy Reform ,
Cramdown ,
Cross-Border ,
Debt Restructuring ,
EU ,
Foreign Debt ,
Insolvency ,
Multinationals ,
New Legislation ,
Singapore ,
UK Brexit ,
UNCITRAL