On Wednesday 24 March, the government confirmed that it will be extending the current temporary restrictions on statutory demands and winding-up petitions and the temporary suspension of directors’ liability for wrongful trading put in place under the Corporate Insolvency and Governance Act 2020, until 30 June 2021.
The extensions, set out in the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021, laid before parliament on 24 March, will come into effect on 26 March 2021.
This will bring the suspension measures in line with the government’s announcement on 10 March that it will be extending the current restriction on commercial landlords’ right of re-entry or forfeiture for non-payment of rent until 30 June 2021, together with the restriction on the use of the Commercial Rent Arrears Recovery (CRAR) process by landlords, which will increase the total number of days outstanding rent required for CRAR to be used to 457 days between 25 March and 23 June 2021, and 554 days between the 24 and 30 June 2021.
International law firm Weil Gotshal & Manges LLP (“Weil”) has advised Floatel International Ltd. and its subsidiaries (the “Floatel Group”) on its comprehensive, fully consensual balance sheet restructuring. The transaction involved first lien bondholders converting USD400,000,000 first lien bonds into new USD230,000,000 first lien bonds and 40.08% equity and secondRead the full article →
On 24 February, the Government published draft regulations that, if implemented, will impose new restrictions on pre-pack administration sales to connected parties. For all ‘substantial disposals’ (which will include ‘pre-pack’ sales) to connected parties, taking place within eight weeks of the administrators’ appointment, the administrators will either need creditor consentRead the full article →
On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020. Trower J’s judgment in the DeepOcean restructuringRead the full article →
International law firm Weil Gotshal & Manges LLP (“Weil”) has advised Odeon Cinemas Group Limited and its subsidiaries (the “Odeon Group”) on its entry into a new c.£400,000,000 term loan facility agreement, which will enable it to refinance its existing revolving credit facility and provide further working capital. The OdeonRead the full article →