News & Analysis as of

Jurisdiction Cramdown

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

Conyers

Cayman Islands Restructuring: Cross-Class Cram Downs and Competing Valuations

Conyers on

On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK’s Companies Act 2006, which raised questions...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

Latham & Watkins LLP on

The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Latham & Watkins LLP

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

Latham & Watkins LLP on

Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Jones Day

In Brief: Delaware and New York District Courts Affirm Constitutional Authority to Grant Nonconsensual Releases in Chapter 11 Plan

Jones Day on

On September 21, 2018, the U.S. District Court for the District of Delaware affirmed a bankruptcy court's ruling that it had the constitutional authority to grant nonconsensual third-party releases in an order confirming the...more

Dechert LLP

Restructuring and Insolvency Bulletin Issue 2 - 2017: An update on COMI shifting to take advantage of the best insolvency tools to...

Dechert LLP on

The EU has taken aim at fraudulent or abusive forum shopping in the Recast Insolvency Regulation, acknowledging the potential for misuse by debtors seeking to take advantage of more flexible insolvency processes available in...more

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