Plusholding GmbH, Re

Plusholding GmbH, Re

The Scheme Creditors constitute a single class for the purposes of the scheme meeting as their rights are materially identical and no differences (including lock-up agreement, new money facility, fees, releases, or governance rights) are sufficient to fracture the class. There is jurisdiction to convene the meeting under English law, and all procedural requirements have been satisfied.

Parties
Applicant/company: PlusHolding GmbH; Respondents/creditors: Scheme Creditors (36 lenders under the Term Facilities)
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Insolvency/scheme of Arrangement / Application to Convene Creditors' Meeting
Outcome
Order granted to convene a single meeting of Scheme Creditors.
Legal Topics
Scheme of Arrangement, Class Composition, Jurisdiction, Restructuring
Insolvency Law Company Law Scheme of Arrangement Class Composition Jurisdiction Restructuring

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Parties

PlusHolding GmbH

Applicant/company

Scheme Creditors (36 lenders under the Term Facilities)

Respondents/creditors

Procedural Posture

Insolvency/scheme of Arrangement / Application to Convene Creditors' Meeting

Legal Issues

  1. 1 Whether to convene a single meeting of Scheme Creditors to consider the proposed scheme of arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the Scheme Creditors constitute a single class for voting purposes
  3. 3 Whether there is jurisdiction to convene the meeting for a foreign company under English law

Ratio Decidendi

The Scheme Creditors constitute a single class for the purposes of the scheme meeting as their rights are materially identical and no differences (including lock-up agreement, new money facility, fees, releases, or governance rights) are sufficient to fracture the class. There is jurisdiction to convene the meeting under English law, and all procedural requirements have been satisfied.

Court Disposition

Order granted to convene a single meeting of Scheme Creditors.

Orders

  • A single meeting of Scheme Creditors is to be convened to consider and, if thought fit, approve the proposed scheme of arrangement.