CB&I UK Ltd, In the Matter Of (Re Companies Act 2006) [2023] EWHC 2497 (Ch) (28 September 2023)

CB&I UK Ltd, In the Matter Of (Re Companies Act 2006) [2023] EWHC 2497 (Ch) (28 September 2023)

The court is satisfied that sufficient notice has been given for the convening hearing, the proposed creditor classes are provisionally appropriate, and the jurisdictional requirements under section 901A of the Companies Act 2006 are met. There are no jurisdictional roadblocks preventing the convening of meetings. Directions are given for creditor meetings and a sanction hearing, with objecting parties permitted to raise issues at the sanction stage.

Citation
[2023] EWHC 2497 (Ch)
Parties
Applicant / Plan Company: CB&I UK Limited; Supportive Creditors: Ad hoc group of supportive creditors; Creditor / Agent: Credit Agricole (Agent under Exit Credit Agreement); Unsecured Creditor / Dispute Proceeding Plan Creditor: Reficar (Refineria de Cartagena SA); Contingent Creditors / Contribution Claim Plan Creditors: Wood Parties (John Wood Group companies); Sub Participants / Interested Parties: Ad hoc group of sub-participants
Jurisdiction
England and Wales
Judgment Date
28 September 2023
Procedural Posture
Restructuring Plan Convening Application (companies Act 2006, Part 26 A) / Convening Hearing for Creditor Meetings
Outcome
Application granted; creditor meetings to be convened; directions given for sanction hearing.
Legal Topics
Restructuring Plan Under Companies Act 2006 Part 26 a, Creditor Class Composition, Jurisdictional Requirements for Restructuring Plans, Notice and Procedural Fairness, Cross Border Insolvency Recognition
Insolvency Company Law Banking and Finance Restructuring Plan Under Companies Act 2006 Part 26 a Creditor Class Composition Jurisdictional Requirements for Restructuring Plans Notice and Procedural Fairness Cross Border Insolvency Recognition

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Parties

CB&I UK Limited

Applicant / Plan Company

Ad hoc group of supportive creditors

Supportive Creditors

Credit Agricole (Agent under Exit Credit Agreement)

Creditor / Agent

Reficar (Refineria de Cartagena SA)

Unsecured Creditor / Dispute Proceeding Plan Creditor

Wood Parties (John Wood Group companies)

Contingent Creditors / Contribution Claim Plan Creditors

Ad hoc group of sub-participants

Sub Participants / Interested Parties

Procedural Posture

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

Legal Issues

  1. 1 Whether to convene meetings of creditors to consider a restructuring plan under Part 26A of the Companies Act 2006
  2. 2 Whether the proposed creditor classes are appropriate
  3. 3 Whether jurisdictional and procedural requirements are satisfied for convening meetings

Ratio Decidendi

The court is satisfied that sufficient notice has been given for the convening hearing, the proposed creditor classes are provisionally appropriate, and the jurisdictional requirements under section 901A of the Companies Act 2006 are met. There are no jurisdictional roadblocks preventing the convening of meetings. Directions are given for creditor meetings and a sanction hearing, with objecting parties permitted to raise issues at the sanction stage.

Court Disposition

Application granted; creditor meetings to be convened; directions given for sanction hearing.

Orders

  • Plan meetings of seven creditor classes to be convened on 7 November 2023.
  • Sanction hearing fixed for week commencing 27 November 2023 (four days plus one reading day).