CB&I UK Limited, Re

CB&I UK Limited, Re

The court is satisfied that sufficient notice has been given, the jurisdictional requirements under section 901A are provisionally met, and there are no obvious jurisdictional roadblocks. The proposed classes of creditors are appropriate for the purposes of convening meetings. Plan meetings are ordered for 7 November 2023, and the sanction hearing is fixed for the week commencing 27 November 2023, with directions to be agreed by the parties.

Parties
Plan Company / Applicant: CB&I UK Limited; Supporting Creditors: Ad hoc group of supportive creditors; Supporting Creditor / Agent: Credit Agricole (Agent under Exit Credit Agreement); Unsecured Creditor / Objector: Reficar; Contingent Creditors / Objectors: Wood Parties; Objectors / Sub Participants: Ad hoc group of sub-participants
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Restructuring Plan (companies Act 2006, Part 26 A) / Application to Convene Creditors' Meetings
Outcome
Application granted
Legal Topics
Restructuring Plan Under Part 26 a, Creditors' Meetings, Jurisdictional Requirements, Class Constitution, Sanction Hearing Directions
Insolvency Company Law Restructuring Plan Under Part 26 a Creditors' Meetings Jurisdictional Requirements Class Constitution Sanction Hearing Directions

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Parties

CB&I UK Limited

Plan Company / Applicant

Ad hoc group of supportive creditors

Supporting Creditors

Credit Agricole (Agent under Exit Credit Agreement)

Supporting Creditor / Agent

Reficar

Unsecured Creditor / Objector

Wood Parties

Contingent Creditors / Objectors

Ad hoc group of sub-participants

Objectors / Sub Participants

Procedural Posture

Restructuring Plan (companies Act 2006, Part 26 A) / Application to Convene Creditors' Meetings

Legal Issues

  1. 1 Whether to convene meetings of creditors to consider the restructuring plan under Part 26A of the Companies Act 2006
  2. 2 Whether the proposed classes of creditors are appropriate
  3. 3 Whether jurisdictional requirements under section 901A are satisfied

Ratio Decidendi

The court is satisfied that sufficient notice has been given, the jurisdictional requirements under section 901A are provisionally met, and there are no obvious jurisdictional roadblocks. The proposed classes of creditors are appropriate for the purposes of convening meetings. Plan meetings are ordered for 7 November 2023, and the sanction hearing is fixed for the week commencing 27 November 2023, with directions to be agreed by the parties.

Court Disposition

Application granted

Orders

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