News & Analysis as of

Debt Restructuring United Kingdom

A&O Shearman

Not just another drop in the ocean: Thames Water and developments in restructuring plans since Adler

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In this alert, we take a look at some of the principal points arising from the Court of Appeal’s judgment in respect of the Thames Water restructuring plan, as well as the broader state of play for restructuring plans in the...more

Hogan Lovells

Restructuring Plans: how to plan for an exit

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An earlier version of this article appeared in Estates Gazette. Over the last 18 months we have seen a number of retailer restructuring plans, which have rewritten landlords’ leases and imposed sweeping rent cuts, whilst...more

Paul Hastings LLP

English Court Approves Enzen Part 26A Restructuring Plans in First Case With HMRC Active Support

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On 25 March 2025, the English Court approved the interconditional dual restructuring plans of Enzen Global Limited and Enzen Limited (Enzen). The plans amend and extend £50 million senior secured liabilities, provide for new...more

Latham & Watkins LLP

Cram-across: Sino-Ocean Restructuring Plan Makes Waves

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The evolution of the English RP continues to push the jurisdictional envelope. The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP....more

Cadwalader, Wickersham & Taft LLP

European Restructuring: 2024 in Review and Outlook for 2025

Market - overview Whilst Europe did not witness the flood of restructuring and insolvencies some had predicted at the start of the year, 2024 was a significant year nonetheless. Many commentators now predict an extended...more

BCLP

Key Lessons from the Collapse of ISG

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The recent collapse of Interior Services Group (ISG), which filed for administration on 20 September 2024, has alarmed the industry. EY has been tasked with managing outstanding projects that Glenigan suggests total over £2.5...more

Latham & Watkins LLP

Restructuring Plans and the Price of Dissent

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Despite three recent landmark UK restructuring plan decisions, uncertainty remains around the value, if any, a plan company should offer dissenting creditors as the “deliverability price” of a plan....more

Mayer Brown

Restructuring Downloaded: Episode 3

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In this episode Sheena Frazer and Amy Jacks discuss issues dealing with European assets post Brexit....more

K&L Gates LLP

UK Company Restructuring Plans: What Is Next After Adler?

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The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a...more

Jones Day

Adler: English Court of Appeal Overturns Restructuring Plan

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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

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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?

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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

BCLP

Fair's fair: the concept of fairness in Part 26A Restructuring Plans

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Since its inception under CIGA 2020, there has been no shortage of legal commentary on the effectiveness of the legislation governing Part 26A Restructuring Plans, and the ways in which the judiciary have interpreted and...more

A&O Shearman

UK Jurisdiction Taskforce Publishes Consultation on Digital Assets and Insolvency Law

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The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement...more

Katten Muchin Rosenman LLP

English Law Creditors Bound by Irish Scheme of Arrangement

In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs....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

Latham & Watkins LLP

Release Me From My Bands Or Else My Project Fails Third Party Releases in Schemes

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Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. If Prospero’s plea to the audience at the...more

A&O Shearman

New York proposes sovereign debt restructuring legislation

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Legislators in the State of New York (NY), whose law governs many sovereign debt contracts, introduced three general categories of bills related to sovereign debt restructurings. The first is intended to provide support under...more

Hogan Lovells

“Root-and-branch attack” successfully defended: issues from the Adler sanction decision examined

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On Friday 21 April 2023, the English High Court (Mr Justice Leech) handed down its reasons for sanctioning the Part 26A restructuring plan (the “Plan”) between AGPS BondCo plc (the “Plan Company”) and six classes of its...more

Cadwalader, Wickersham & Taft LLP

The Adler Restructuring Plan Judgment: Is Pari Passu Passé?

What Happened - On 21 April 2023, Mr Justice Leech gave his written reasons for sanctioning the Adler Group’s novel and ground-breaking English restructuring plan following a fully contested hearing and cross-examination...more

Hogan Lovells

An unsecured “credit bid” – a first in the UK restructuring market

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The UK High Court has considered and granted permission for a so called “credit bid” in an application by the Special Administrators of Sova Capital Ltd (in special administration) for a substantial portfolio of illiquid...more

Morrison & Foerster LLP

High Court Confirms the Viability of Creditor-Led Restructuring Plans

The Part 26A Restructuring Plan (“RP”) is a relatively new addition to the English insolvency regime; despite this, the flexibility it provides to both distressed companies and their creditors has made it an important and...more

Goodwin

Findings from the Final Evaluation Report on the Operation of the Permanent Measures in the UK Corporate Insolvency and Government...

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On 19 December 2022, the UK Insolvency Service published the “Corporate Insolvency and Governance Act — Final Evaluation Report November 2022,” which considers the operation of the permanent measures within the Corporate...more

A&O Shearman

Recent restructuring plan cases: important guidance for advisers

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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

Alston & Bird

Sequana: UK Supreme Court Provides Useful Guidance for Directors of Financially Distressed Companies on the Existence of Creditor...

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When a company is facing the prospect of insolvency, even far in the future, do the directors protect the investors or the creditors first? Our Financial Restructuring & Reorganization Group considers a UK Supreme Court case...more

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