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Jo Windsor

Jo Windsor is a banking, restructuring and insolvency partner in the London office of Linklaters LLP.

jo.windsor@linklaters.com

Articles by author

Part 26A Restructuring Plans: how significant is the Court of Appeal’s judgment in Adler?

The judgment sets out how a court should approach exercising its cross-class cram-down power, emphasising that any differential treatment of a dissenting class must be commercially justified where that class would be at least partially in-the-money in the “relevant alternative”. It also contains valuable reminders of best practice when using the Pt 26A procedure.

31 MAR 2024

The impact of Pt 26A Restructuring Plans on intercreditor dynamics

The inclusion of a “cross-class cram-down” (CCCD) feature in Pt 26A Restructuring Plans was intended to prevent creditors with little or no economic interest in a company from blocking an otherwise well supported restructuring proposal. While this objective has been largely achieved, the wider impact of CCCD is now becoming better understood, with senior secured creditors gaining more influence and operational creditors being increasingly dragged into the restructuring process. This article examines why this is happening and then explores the potential long-term consequences of such changes which could eventually result in a significant reduction in the use of Pre-Pack sales by administrators.

1 JUN 2023