Atento UK Ltd And Atento Luxco 1, Re [2023] EWHC 3076 (Ch) (17 November 2023)

Atento UK Ltd And Atento Luxco 1, Re [2023] EWHC 3076 (Ch) (17 November 2023)

The court sanctioned the restructuring plans as all statutory requirements were met, the creditor classes were fairly represented and acted bona fide, the plans were reasonable alternatives to liquidation, there was no defect in the plans, and there was sufficient connection with England and likely substantial effect in relevant jurisdictions.

Citation
[2023] EWHC 3076 (Ch)
Parties
Claimant: Atento UK Limited; Claimant: Atento Luxco 1; Supporting Creditor: Ad hoc group of supporting Plan Creditors
Jurisdiction
England and Wales
Judgment Date
17 November 2023
Procedural Posture
Restructuring Plan Sanction Application / Sanction Hearing
Outcome
Plans sanctioned
Legal Topics
Restructuring Plans, Cross Class Cram Down, Sanction of Restructuring Plan, Jurisdictional Effectiveness
Insolvency Company Law Restructuring Plans Cross Class Cram Down Sanction of Restructuring Plan Jurisdictional Effectiveness

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Parties

Atento UK Limited

Claimant

Atento Luxco 1

Claimant

Ad hoc group of supporting Plan Creditors

Supporting Creditor

Procedural Posture

Restructuring Plan Sanction Application / Sanction Hearing

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning the restructuring plans under section 901F of the Companies Act 2006 are met
  2. 2 Whether the classes of creditors were fairly represented and acted bona fide
  3. 3 Whether the plan is one which a creditor could reasonably approve

Ratio Decidendi

The court sanctioned the restructuring plans as all statutory requirements were met, the creditor classes were fairly represented and acted bona fide, the plans were reasonable alternatives to liquidation, there was no defect in the plans, and there was sufficient connection with England and likely substantial effect in relevant jurisdictions.

Court Disposition

Plans sanctioned

Orders

  • Restructuring plans for Atento UK Limited and Atento Luxco 1 sanctioned under section 901F of the Companies Act 2006
  • Declaration that Mr Nelson-Smith is validly appointed as foreign representative of each Plan Company