Topic: Cramdown

A British energy supply broker has entered administration after failing to convince an English court to sanction a Part 26A restructuring plan that would have wiped out £6 million in unpaid tax liabilities, marking the first case where a plan failed both the no worse off and fairness tests.

16 May 2023

A sanction hearing testing the power of Part 26A restructuring plans to cramdown the UK tax authority has ended with a reserved judgment.

25 April 2023

German real estate group Adler has secured sanction of its English restructuring plan – but a dissenting ad hoc group of 2029 noteholders that was crammed down via the so-called “liquidation plan” has already indicated it will appeal.

12 April 2023

The judge hearing German real estate group Adler’s restructuring plan is expected to hand down his decision without reasons next week, after a three-day sanction hearing in the English High Court ended with points of contention surrounding the plan’s fairness and whether creditors will receive a full return.

06 April 2023

A Dutch shipbuilder has completed a landmark WHOA restructuring that is believed to be one of the country’s largest so far, as well as being the first to use a cram-down within a syndicate of lenders.

30 March 2023

The High Court in London has adjourned a sanction hearing for an English energy supply contract broker’s restructuring plan following complaints by the UK’s tax authority and three allegedly out-of-the-money creditors.

17 March 2023

An SME that provides engineering services in the aerospace sector has been permitted to convene meetings for six creditor classes as part of a contested restructuring plan, with issues raised by the UK tax authority and two of its former directors being postponed to the sanction stage.

15 February 2023

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 August 2022

Holiday lettings SME Houst’s Part 26A restructuring plan has been sanctioned, with the UK tax authority becoming the subject of a cross-class cram down for the first time since the new tool was introduced in June 2020.

22 July 2022

An English court has reserved judgment on sanctioning a holiday lettings SME’s part 26A restructuring plan, requesting more information on the valuation work that underpinned it in light of the UK tax authority rejecting the plan.

15 July 2022