Waldorf Production UK PLC, Re [2025] EWHC 2181 (Ch) (19 August 2025)

Waldorf Production UK PLC, Re [2025] EWHC 2181 (Ch) (19 August 2025)

The Court finds the statutory preconditions for sanctioning the restructuring plan are satisfied. The plan offers a materially better outcome for creditors than administration or liquidation. Despite lack of engagement with unsecured creditors, the plan is not so unfair as to warrant refusal of sanction. The cross-class cram down is justified as the Bondholders overwhelmingly support the plan and the relevant alternative would result in lower recoveries for unsecured creditors.

Citation
[2025] EWHC 2181 (Ch)
Parties
Plan Company: Waldorf Production UK Plc; Supporting Creditor: SteerCo (Steering Committee of Bondholders); Opposing Creditor: Capricorn Energy Plc and Capricorn Energy UK Limited; Opposing Creditor: His Majesty’s Revenue and Customs (HMRC)
Jurisdiction
England and Wales
Judgment Date
19 August 2025
Procedural Posture
Restructuring Plan Sanction Hearing / Final Judgment
Outcome
Plan sanctioned
Legal Topics
Restructuring Plan, Cross Class Cram Down, Creditor Rights, Companies Act 2006
Insolvency Company Law Restructuring Plan Cross Class Cram Down Creditor Rights Companies Act 2006

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 4 Party arguments 2 Amounts and remedies 8
Sign in to unlock

Parties

Waldorf Production UK Plc

Plan Company

SteerCo (Steering Committee of Bondholders)

Supporting Creditor

Capricorn Energy Plc and Capricorn Energy UK Limited

Opposing Creditor

His Majesty’s Revenue and Customs (HMRC)

Opposing Creditor

Procedural Posture

Restructuring Plan Sanction Hearing / Final Judgment

Legal Issues

  1. 1 Whether the statutory preconditions for sanctioning a restructuring plan under Part 26A Companies Act 2006 are satisfied
  2. 2 Whether the plan is fair to dissenting unsecured creditors
  3. 3 Whether the relevant alternative to the plan is administration or liquidation

Ratio Decidendi

The Court finds the statutory preconditions for sanctioning the restructuring plan are satisfied. The plan offers a materially better outcome for creditors than administration or liquidation. Despite lack of engagement with unsecured creditors, the plan is not so unfair as to warrant refusal of sanction. The cross-class cram down is justified as the Bondholders overwhelmingly support the plan and the relevant alternative would result in lower recoveries for unsecured creditors.

Court Disposition

Plan sanctioned

Orders

  • The restructuring plan is sanctioned pursuant to sections 901F and 901G Companies Act 2006.
  • Cross-class cram down of dissenting unsecured creditors is ordered.