Topic: Cramdown
Trade creditors approve Virgin Atlantic’s restructuring plan
Creditors have approved Virgin Atlantic’s ground-breaking restructuring plan at four virtual meetings, with 99% of trade creditors lending their support.
25 August 2020
Virgin Atlantic allowed to convene UK restructuring plan meetings
Virgin Atlantic is set to hold creditors’ meetings on its restructuring plan, the first to be implemented under the UK’s new Corporate Insolvency and Governance Act, following an English court ruling.
04 August 2020
First restructuring plan launched in UK, A&O and Houlihan lead for Virgin
Updated: Allen & Overy and Houlihan Lokey are leading Virgin Atlantic through the first-ever restructuring plan launched under the UK’s new Corporate Insolvency and Governance Act.
15 July 2020
The UK’s Corporate Insolvency and Governance Bill is law
The Corporate Insolvency and Governance Bill has received Royal Assent and is now law, after the UK parliament approved a slew of changes tabled by its upper house this week.
26 June 2020
UK Bill leaves upper house with new powers for pensions and financial creditors’ priority scaled back
An end to super-priority for financial creditors’ accelerated debts, new powers for the Pension Protection Fund, and more time for the government to regulate pre-packs: the Corporate Insolvency and Governance Bill has had the scrutiny of the UK parliament’s upper house, but as before, only the government’s tabled amendments were accepted.
24 June 2020