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Restructuring Shareholders Creditors

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

Proskauer Rose LLP

Private Credit Restructuring Trends: Sponsor Capital Infusions in Times of Distress

Proskauer Rose LLP on

One common denominator links nearly all stressed businesses: tight liquidity. After the liquidity hole is identified and sized, the discussion inevitably turns to the question of who will fund the necessary capital to extend...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

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

Proskauer Rose LLP

Private Credit Restructuring Trends: New Delaware Law Aids Secured Creditors in Getting Deals Done Out of Court

Proskauer Rose LLP on

In our prior alert over the summer, we highlighted the Delaware Supreme Court’s decision in Stream TV Networks, Inc. v. SeeCubic, Inc., 279 A.3d 323, 329 (Del. 2022) (“Stream TV”), which held an insolvent corporation could...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

Alston & Bird

Smile Telecoms – Part 26A Restructuring Plan Proposed by a Non-English Company Excludes ‘Out of the Money’ Creditors and...

Alston & Bird on

Our Financial Restructuring & Reorganization Group previews a significant sanction hearing after the court exercised its power under Section 901C(4) of the Companies Act 2006 to exclude ‘out of the money’ creditors and...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

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

Morrison & Foerster LLP

Sanctioned: Virgin Active's Restructuring Plans

On 12 May 2021, the High Court sanctioned three inter-conditional restructuring plans, under the Part 26A of the Companies Act 2006, for certain English subsidiaries of the Virgin Active group, despite major opposition of...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

Morrison & Foerster LLP

The UK Restructuring Plan: Key Features And The Story So Far

The UK’s reformed restructuring regime shows its force with the first successful cross-class cram-down following the introduction of the new restructuring plan. A quick legal update on the key features of the restructuring...more

A&O Shearman

A New Restructuring Plan

A&O Shearman on

For over a century, U.K. company law has enabled a company to propose, to its creditors or shareholders, a compromise or arrangement of their rights which, if approved by the requisite majority and then by the court, is...more

Orrick, Herrington & Sutcliffe LLP

COVID-19 UK: Finance & Restructuring – Suspension Of Wrongful Trading And Protecting Directors From Personal Liability – Insight

Note: This Insight has been updated since originally published on March.24.2020 with the title "COVID-19 - Protecting Directors from personal liability during uncertain times". We are amid a black-swan event that is...more

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