DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan

On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020.

Trower J’s judgment in the DeepOcean restructuring has been highly anticipated, and is the first time the court has set out the matters it should take into account when considering whether to exercise its discretion to sanction a Plan against the wishes of a dissenting impaired class, thereby effecting a cross class cram down pursuant to its powers under section 901G of the CA 2006 (a “Cram Down Plan”). The court has only ever previously considered Plans that have not invoked the cross class cram down provisions.

Please see full Publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Weil, Gotshal & Manges LLP | Attorney Advertising

Written by:

Weil, Gotshal & Manges LLP
Contact
more
less

Weil, Gotshal & Manges LLP on:

Reporters on Deadline

"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.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.