DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan

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 restructuring has been highly anticipated, and is the first time the court has set out the matters it should take into account when considering whether to exercise its discretion to sanction a Plan against the wishes of a dissenting impaired class, thereby effecting a cross class cram down pursuant to its powers under section 901G of the CA 2006 (a “Cram Down Plan”). The court has only ever previously considered Plans that have not invoked the cross class cram down provisions.

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Weil Advises Odeon Group on Securing New Financing

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 →

New German Restructuring Regime (StaRUG): An Introductory Guide

On 1 January 2021 the new German stabilizing and out-of-court restructuring regime came into effect. The “Stabilization and Restructuring Framework of Companies Act”, known as StaRUG, heralds a new phase in the German restructuring landscape, introducing a framework of tools including a new restructuring plan, which will enable debtors toRead the full article →

Paragon Offshore: Judgment on Challenge to 2017 Restructuring and the Limits of the Rule 12.59 Review Jurisdiction

The Insolvency and Companies Court in London handed down judgment on Monday, 19 October 2020 rejecting a shareholder challenge to the 2017 restructuring of Paragon Offshore plc (in liquidation) (the “Company”). The judgment gives helpful guidance on the approach taken by insolvency courts to reviewing, rescinding or varying their ordersRead the full article →