Restructuring plan proposed by AGPS BondCo Plc sanctioned

Mr Justice Leech has sanctioned the restructuring plan proposed by AGPS BondCo Plc, a member of the Adler Group, with a full written judgment to follow.

 

This is a ground-breaking case which involved the first fully contested valuation challenge under Part 26A of the Companies Act, and comprised the most heavily contested restructuring case since Virgin Active. The case gave rise to novel issues of German law, including the validity of an issuer substitution clause in the underlying debt instruments, as well as fundamental issues of fairness in respect of the differential treatment of unsecured creditors and preservation of existing staggered maturity dates under the Plan. This is also the first known case in which German law governed debt issued by a Luxembourg holding company has been compromised through an English scheme or plan. 

 

The Court’s judgment is likely to cement the position of England and Wales as the restructuring jurisdiction of choice for international companies.

 

Daniel Bayfield KC, Ryan Perkins and Annabelle Wang acted for the Plan Company instructed by teams at White & Case LLP led by Charles Balmain, Ben Davies, John Rogerson and Christian Pilkington.

 

Felicity Toube KC and Henry Phillips acted for the SteerCo instructed by a team led by Yushan Ng and Jacqueline Ingram at Millbank LLP. 

 

Tom Smith KC and Adam Al-Attar acted for the opposing Ad Hoc Group instructed by James Terry, Richard Hornshaw and Mouna Moussaoui at Akin Gump LLP.

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