Restructuring & Insolvency analysis: Four linked restructuring plans were sanctioned despite only being approved by two classes of creditors out of thirty-one classes of creditors. Two landlord creditors (‘Objecting Creditors’) had previously renegotiated existing and ongoing liabilities owed by the Plan Companies on the basis that the renegotiated liabilities would not be compromised further if the Plan Companies later sought Restructuring Plans. The Objecting Creditors did not appear and were not represented at the Convening Hearing but subsequently issued applications for injunctions which were dealt with at the Sanction Hearing at which they were represented. The Plans were approved. Written by Andrew Mace, barrister, Tanfield Chambers.
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