The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the judge had exercised his discretion to sanction the restructuring plan and effected a cross-class cramdown (CCCD) of creditors. The appeal against the first instance decision was made by dissenting creditors and was allowed by the Court of Appeal. The lead judgment of Lord Justice Richard Snowden will inform debtors, noteholders, trustees and other participants in financial structures or restructurings when formulating or resp…
Read the full article at: https://www.klgates.com/UK-Company-Restructuring-Plans-What-Is-Next-After-Adler-2-22-2024