Gategroup Guarantee Ltd, Re
The restructuring plan is sanctioned because it is the only viable solution to avoid insolvency, is fair to creditors, statutory requirements are met, and mechanisms are in place to ensure effectiveness in relevant jurisdictions.
- Parties
- Applicant Company: Gategroup Guarantee Limited; Respondents: Bondholders; Respondents: Senior Lenders
- Jurisdiction
- England and Wales
- Judgment Date
- 30 March 2021
- Procedural Posture
- Restructuring Plan Under Part 26 a Companies Act 2006 / Sanction Hearing
- Outcome
- Plan sanctioned
- Legal Topics
- Restructuring Plan, Scheme of Arrangement, Jurisdiction, Cross Border Insolvency, Recognition of Foreign Proceedings
Case Brief
Summary, issues, holding and outcome
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Parties
Gategroup Guarantee Limited
Applicant Company
Bondholders
Respondents
Senior Lenders
Respondents
Procedural Posture
Restructuring Plan Under Part 26 a Companies Act 2006 / Sanction Hearing
Legal Issues
- 1 Whether the court has jurisdiction to sanction the restructuring plan
- 2 Whether statutory requirements for convening and holding creditor meetings were met
- 3 Whether the plan is fair and reasonable for creditors
Ratio Decidendi
The restructuring plan is sanctioned because it is the only viable solution to avoid insolvency, is fair to creditors, statutory requirements are met, and mechanisms are in place to ensure effectiveness in relevant jurisdictions.
Court Disposition
Plan sanctioned
Orders
- Order sanctioning the restructuring plan under Part 26A of the Companies Act 2006
- Company authorized to implement amendments to Bond Terms as per the Plan, including appointment as attorney for Bondholders
Full Case Text
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