In sanctioning the Plan, Leech J held that the relevant alternative to the Plan was a special administration and not an alternative plan (the B Plan) which had been put forward by the a group of the Class B Creditors. He also held that the no worse off test was satisfied, and that the Plan was not unfair in its treatment of the respective groups of creditors. He also dismissed arguments that the Plan contravened competition law, or that the form of releases given under the Plan. Whilst he held that a MP, who had appeared at the hearing, had standing to oppose the Plan, Leech J nevertheless determined that the Plan ought to be sanctioned as a matter of discretion given the vital public interest in ensuring the uninterrupted provision of essential infrastructure services.
Tom Smith KC, Charlotte Cooke and Andrew Shaw appeared for the Plan Company.
Adam Al-Attar KC and Edoardo Lupi appeared for the Class A AHG.
Mark Phillips KC, Matthew Abraham, Jamil Mustafa and Imogen Beltrami appeared for the Class B AHG.
Stephen Robins KC appeared for the Supporting Bank Creditors.
Georgina Peters appeared for TWL.
