On June 18, 2026, the English High Court sanctioned two interconnected restructuring plans that will eliminate approximately US$9.6 billion of debt and implement a broader operational reorganization of the group. Just eight days later, on June 26, 2026, Judge Glenn of the US Bankruptcy Court for the Southern District of New York granted Chapter 15 … Continue Reading
In a judgment of 9 July 2025 the Landgericht Frankfurt am Main (District Court of Frankfurt am Main) held (case 2-12 O 239/24) that a Part 26A plan sanctioned by the English High Court is not enforceable in Germany and that accordingly the affected German dissenting lender was entitled to sue the plan company, i.e. … Continue Reading
The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have applied for a restructuring plan under Part 26A of the Companies Act 2006 (“Restructuring Plan”) unless there are good reasons for doing so. Distressed … Continue Reading
The UK High Court has ruled that the obligations of third-party guarantors are not affected by a part 26A restructuring plan being sanctioned in respect of the underlying obligations. This approach mirrors the way guarantees are dealt with in a part 26 scheme of arrangement. The case of Oceanfill Ltd. v Nuffield Health Wellbeing Ltd … Continue Reading
