CVAs are a useful tool in the restructuring tool kit, and may prove extremely helpful to retailers or hospitality companies as a means of supporting those businesses as they emerge from the pandemic.   However, with landlords often being the primary creditor who’s claims are compromised under the CVA proposal, this has also led to an increase in CVA challenges – most recently those challenging the New Look and Regis CVAs.

In our last alert in the series, we consider the impact of those cases on the shape and usefulness of a CVA from the point of view of those companies operating in retail and hospitality.