This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings.
The Restructuring Plan
European Union, United Kingdom, USA, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Brexit, Coronavirus, European Free Trade Association
The Eastern District of Pennsylvania held that secured creditors do not have a right to credit bid their claim when the sale of a debtor’s assets is conducted under a plan of reorganization.
USA, Pennsylvania, Insolvency & Restructuring, Litigation, McDermott Will & Emery, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Limited liability company, Debt, Fair market value, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for Eastern District of Pennsylvania