Background
The defining feature of the restructuring plan, which was introduced by the Corporate Insolvency and Governance Act 2020, is the "cross class cram down" ("CCCD") mechanism it introduces as a means of imposing a settlement on recalcitrant creditors.
Overview
Judgment was handed down on 30 September sanctioning the much-trailed restructuring plans for the Cineworld UK group of companies. The sanctioning of the Plans was widely expected, but drama came at the eleventh hour as a result of two last minute challenges brought by UK Commercial Property Finance Holdings ("UKCP") and the Crown Estate (both landlords of Cineworld leases). UKCP and the Crown Estate sought injunctions - not to challenge the Plans in themselves - but to order the removal of their leases from the Plans.
Overview
Peabody Trust ("Peabody") issued proceedings against National House Building Council ("NHBC") to recover insured extra project costs incurred following contractor insolvency. NHBC sought to short circuit the litigation via an application for summary judgment and strike-out.
On July 19, 2024, Judge Michael Wiles of the US Bankruptcy Court for the Southern District of New York issued a ruling in In re Mercon Coffee Corporation, Case No. 23-11945, invalidating insider releases in a proposed chapter 11 plan on the basis that the releases were improper retention-related transfers.
Judge Wiles found that he could not approve the releases – even though the debtors had promised them and insiders had relied upon that promise – because the releases did not meet the strict requirements of Bankruptcy Code Section 503(c).
In Harrington v. Purdue Pharma, the US Supreme Court in a 5-4 decision held that the US Bankruptcy Code does not permit a debtor to confirm a chapter 11 plan that releases non-debtors from similar or related claims the creditors could assert directly against them.
In today's rapidly evolving business landscape, businesses find themselves at the intersection of technological innovation and geopolitical and economic turbulence. Despite the increased reliance on software systems and digital infrastructure, it remains peculiar that in many EU Member States there's still no clear framework for handling software licenses in insolvency.
Bygge- og anlægsbranchen har i de seneste år oplevet en kraftig stigning i antallet af konkurser og toppede foreløbigt i 2023 med hele 1.282 erklærede konkurser. Da konkurserne ofte er forbundet med store tab, hvis de indtræder under et igangværende byggeri, har tendensen i stigende grad aktualiseret en belysning af de muligheder, der er for at sikre sig imod sådanne tab.
Bygge- og anlægsbranchen har i de seneste år oplevet en kraftig stigning i antallet af konkurser og toppede foreløbigt i 2023 med hele 1.282 erklærede konkurser. Da konkurserne ofte er forbundet med store tab, hvis de indtræder under et igangværende byggeri, har tendensen i stigende grad aktualiseret en belysning af de muligheder, der er for at sikre sig imod sådanne tab.
Bygge- og anlægsbranchen har i de seneste år oplevet en kraftig stigning i antallet af konkurser og toppede foreløbigt i 2023 med hele 1.282 erklærede konkurser. Da konkurserne ofte er forbundet med store tab, hvis de indtræder under et igangværende byggeri, har tendensen i stigende grad aktualiseret en belysning af de muligheder, der er for at sikre sig imod sådanne tab.
Evolution of the super scheme
FRST GROUP RESTRUCTURING PLAN SANCTIONED
EVOLUTION OF THE SUPER SCHEME
In brief
Following the second longest sanction hearing in restructuring plan history, and the only sanction hearing yet to morph into a second convening hearing, the Part 26A restructuring plan proposed by Project Lietzenburger Strae Holdco S..r.L (plan company) has been sanctioned.1 The plan is part of a highly contested, complex, cross-border restructuring of more than EUR1 billion of debt documented under German law.
It involved