Topic: Cramdown

Part 26A hits the Court of Appeal as Adler noteholders vie to bin plan

The UK’s Part 26A restructuring mechanism has made its first foray into the English Court of Appeal, as bondholders of the German property developer Adler argued this week that a judge wrongly exercised his discretion to cram them down in April.

26 October 2023

French court approves first major cross-class cramdown in Orpea sanction

In the first major case in France to utilise a cross-class cramdown since the country adopted the EU's preventive frameworks directive, care home operator Orpea has obtained sanction of its accelerated safeguard plan, successfully cramming down a group of dissenting convertible bondholders known as the Support Club.

26 July 2023

Dissenting landlords crammed down in Fitness First restructuring plan sanction

The most likely relevant comparator to UK gym chain Fitness First’s restructuring plan would be a pre-pack administration sale, and not, as dissenting landlords submitted, a continuation of the business until February 2024, the English High Court has found in a reasoned decision sanctioning the plan.

12 July 2023

Dissenting creditors claim vote on Orpea plan was “unlawful”

A group of French care home operator Orpea’s international creditors have claimed a vote in favour of its restructuring plan by six classes of creditors last month was unlawful, after an appeal court ordered the company to partially change its class composition.

05 July 2023

Fitness First sanction hearing adjourned following landlord objections

The High Court in London has postponed a sanction hearing for UK-based gym group Fitness First, finding one day was not enough time to hear opposing arguments over its restructuring plan and an adjournment application brought by dissenting landlords.

12 June 2023

HMRC pulls the plug on GAS’s restructuring plan

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

GAS sanction reserved as English court considers UK taxman’s cramdown

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

Adler’s English plan sanctioned, noteholders to appeal

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

Adler plan sanction decision expected next week

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 WHOA moment: shipbuilder completes what is thought to be largest-yet Dutch scheme

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

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