Waldorf Production UK Plc, Re

Waldorf Production UK Plc, Re

The court is satisfied that the jurisdictional pre-conditions under section 901A Companies Act 2006 are met, the proposed class constitution is appropriate, sufficient notice has been given, and there are no obvious roadblocks to convening the meetings. Directions are given for opposition and disclosure, with liberty to apply for further directions if necessary.

Parties
Applicant/plan Company: Waldorf Production UK Plc; Supporting Creditor (bondholders' Steering Committee): SteerCo; Principal Unsecured Creditor/objector: Capricorn Energy Plc; Principal Unsecured Creditor/objector: His Majesty’s Revenue and Customs (HMRC)
Jurisdiction
England and Wales
Judgment Date
31 March 2025
Procedural Posture
Insolvency/restructuring Plan Application / Convening Hearing for Creditor Meetings Under Part 26 a Companies Act 2006
Outcome
Application granted for convening creditor meetings under Part 26A Companies Act 2006.
Legal Topics
Restructuring Plan Under Part 26 a Companies Act 2006, Class Constitution, Jurisdictional Pre Conditions, Cross Class Cram Down, Notice Requirements, Disclosure in Restructuring Proceedings
Insolvency Company Law Restructuring Restructuring Plan Under Part 26 a Companies Act 2006 Class Constitution Jurisdictional Pre Conditions Cross Class Cram Down Notice Requirements +1 more

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Parties

Waldorf Production UK Plc

Applicant/plan Company

SteerCo

Supporting Creditor (bondholders' Steering Committee)

Capricorn Energy Plc

Principal Unsecured Creditor/objector

His Majesty’s Revenue and Customs (HMRC)

Principal Unsecured Creditor/objector

Procedural Posture

Insolvency/restructuring Plan Application / Convening Hearing for Creditor Meetings Under Part 26 a Companies Act 2006

Legal Issues

  1. 1 Whether the court has jurisdiction to convene creditor meetings under Part 26A Companies Act 2006 for the proposed restructuring plan
  2. 2 Whether the proposed class constitution (Secured and Unsecured Creditors) is appropriate
  3. 3 Whether there are any obvious roadblocks to sanctioning the plan

Ratio Decidendi

The court is satisfied that the jurisdictional pre-conditions under section 901A Companies Act 2006 are met, the proposed class constitution is appropriate, sufficient notice has been given, and there are no obvious roadblocks to convening the meetings. Directions are given for opposition and disclosure, with liberty to apply for further directions if necessary.

Court Disposition

Application granted for convening creditor meetings under Part 26A Companies Act 2006.

Orders

  • Two class meetings to be convened: one for Secured Creditors (Bondholders), one for Unsecured Creditors (including HMRC and Capricorn)
  • Directions for disclosure to Capricorn regarding potentially voidable payments