In the matter of Yunneng Wind Power Co, Ltd

In the matter of Yunneng Wind Power Co, Ltd

The court is satisfied that it has jurisdiction, the statutory conditions for a restructuring plan are met, the proposed class composition is appropriate, adequate notice has been given, and there are no procedural roadblocks. The court directs that five meetings of Plan Creditors be convened as proposed.

Parties
Applicant/plan Company: Yunneng Wind Power Co., Ltd.; Respondents/plan Creditors: Plan Creditors (various finance creditors)
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Restructuring Plan Application (companies Act 2006, Part 26 A) / Convening Hearing for Creditor Meetings
Outcome
Application granted
Legal Topics
Restructuring Plan, Jurisdiction Over Foreign Companies, Class Composition, Cross Class Cram Down, Notice Requirements
Insolvency Law Company Law Banking and Finance Restructuring Plan Jurisdiction Over Foreign Companies Class Composition Cross Class Cram Down Notice Requirements

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Parties

Yunneng Wind Power Co., Ltd.

Applicant/plan Company

Plan Creditors (various finance creditors)

Respondents/plan Creditors

Procedural Posture

Restructuring Plan Application (companies Act 2006, Part 26 A) / Convening Hearing for Creditor Meetings

Legal Issues

  1. 1 Whether the court has jurisdiction to convene meetings for a restructuring plan for a foreign company under English law
  2. 2 Whether statutory conditions for a restructuring plan are met
  3. 3 Whether proposed creditor classes are appropriate

Ratio Decidendi

The court is satisfied that it has jurisdiction, the statutory conditions for a restructuring plan are met, the proposed class composition is appropriate, adequate notice has been given, and there are no procedural roadblocks. The court directs that five meetings of Plan Creditors be convened as proposed.

Court Disposition

Application granted

Orders

  • Five meetings of Plan Creditors to be convened as proposed by the Company
  • Explanatory Statement and relevant documents to be circulated to Plan Creditors as soon as reasonably practicable