Atento UK Limited & Anor, Re

Atento UK Limited & Anor, Re

The requirements for convening meetings of creditors under section 901C Companies Act 2006 are satisfied: the Plan Companies are facing imminent financial difficulties, the proposed restructuring plan constitutes a compromise or arrangement with creditors, the proposed classes are appropriate and not fractured by backstop or consent fees, notice was adequate, and there are no jurisdictional or procedural obstacles. The convening order is therefore granted.

Parties
Applicant/claimant/plan Company: Atento UK Limited; Applicant/claimant/plan Company: Atento Luxco 1
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Insolvency/restructuring (convening Order Application) / Application for Convening Meetings of Creditors Under Section 901 C Companies Act 2006
Outcome
Application granted; convening order made.
Legal Topics
Restructuring Plans, Creditors' Meetings, Class Composition, Jurisdiction Under Companies Act 2006, Exit Financing, Notice Requirements
Insolvency Law Company Law Restructuring Plans Creditors' Meetings Class Composition Jurisdiction Under Companies Act 2006 Exit Financing Notice Requirements

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Parties

Atento UK Limited

Applicant/claimant/plan Company

Atento Luxco 1

Applicant/claimant/plan Company

Procedural Posture

Insolvency/restructuring (convening Order Application) / Application for Convening Meetings of Creditors Under Section 901 C Companies Act 2006

Legal Issues

  1. 1 Whether the requirements for convening creditor meetings under section 901C Companies Act 2006 are met
  2. 2 Whether the proposed creditor classes are appropriate or require further division
  3. 3 Whether notice to creditors was adequate

Ratio Decidendi

The requirements for convening meetings of creditors under section 901C Companies Act 2006 are satisfied: the Plan Companies are facing imminent financial difficulties, the proposed restructuring plan constitutes a compromise or arrangement with creditors, the proposed classes are appropriate and not fractured by backstop or consent fees, notice was adequate, and there are no jurisdictional or procedural obstacles. The convening order is therefore granted.

Court Disposition

Application granted; convening order made.

Orders

  • Meetings of creditors of Atento UK Limited and Atento Luxco 1 to be convened for the purpose of considering and, if thought fit, approving the proposed restructuring plans.