Refusal to Sanction Restructuring Processes – Hurricane Energy, Amigo Loans
Since our webinar earlier in the year, two key judgements have provided helpful guidance on circumstances where the courts will use their unfettered discretion in the refusal to sanction restructuring processes. Hurricane Energy provided a landmark judgment, being the first time since its introduction, that the court has pushed the refusal to sanction a restructuring plan. The court rejected the company’s submission as to the “relevant alternative” to the restructuring plan and was unconvinced that the creditors subject to the cross class cram down would have been no worse off under the plan than the relevant alternative. Even had such conditions been...
Read More