Key points
Justice Black has confirmed in his written reasons for judgment in ReNexus Energy Ltd (subject to deed of company arrangement) [2014] NSWSC 1910 (Nexus) the utility of section 444GA to achieve debt for equity restructures of listed companies.
Australia, New South Wales, Insolvency & Restructuring, Litigation, Gilbert + Tobin, Shareholder, Deed, Corporations Act 2001 (Australia)
Key points
First occasion where a deed administrator has sought leave under section 444GA of the Corporations Act 2001 (Cth) (theAct) in respect of a publicly listed company. The Court granted leave for 98.2% of each shareholders’ holding in Mirabela Nickel Limited (Mirabela) to be transferred to certain unsecured creditors as part of a broader recapitalisation, under a deed of company arrangement (DOCA), without shareholder approval.
Australia, Insolvency & Restructuring, Litigation, Gilbert + Tobin, Shareholder, Deed, Corporations Act 2001 (Australia)