IN RE: AIRADIGM COMMUNICATIONS, INC. (August 4, 2010)

 On December 7, the FCC adopted a consent decree with an international carrier resolving several alleged transfers of FCC authorizations without prior approval.  This marks the latest in a series of enforcement actions in the area of ownership violations.  Many of these involve carriers providing foreign terminations.   The consent decree underscores the importance for all regulated carriers to monitor changes in ownership, even pro forma changes, and to seek prior FCC approval for the changes. 

On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s proposed restructuring plan (the “Restructuring Plan”). It is the first plan to use section 901C(4) of the Companies Act 2006 (“CA 2006”) to exclude other classes of creditors and shareholders from voting on the Restructuring Plan on the basis that they have no genuine economic interest in the Company. 

Background 

The U.S. Bankruptcy Court for the Middle District of Florida recently held that:

The U.S. Bankruptcy Court for the Middle District of Florida recently held that:

I. Medio ambiente En materia medioambiental destacamos la aprobación de  las siguientes normas en estos últimos meses: 1. La Ley 11/2014, de 3 de julio, por la que se  modifica la Ley 26/2007, de 23 de octubre, de  Responsabilidad Medioambiental. Tiene por objeto  adaptar la actual normativa en materia de responsabilidad  ambiental para adecuarla a lo regulado por la  Directiva 2013/30/UE, del Parlamento Europeo y  del Consejo, de 12 de junio del 2013.

On 12 December 2013, our client, Magyar Telecom B.V. (the “Company”), a Dutch holding company of the Invitel group of companies (the “Group”) and one of the leading telecommunication services providers in Hungary, completed the restructuring of its €345 million 9.5% Senior Secured Notes due 2016 (the “Notes”).

In our last blogpost (here) we reported how the court had, for the first time, exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its creditors from voting on a restructuring plan under Part 26A. The facts of this case are set out in more detail in that blogpost.

Summary

For the first time, the court has exercised its power under s. 901C(4) Companies Act 2006 to exclude a company’s members and all but one class of its creditors from voting on a restructuring plan under Part 26A. The court was satisfied that only one class of creditors had a genuine economic interest in the company and noted that “this was not a marginal case”.

Key drivers for the court’s decision (see more detail below) were: