Swissport Fuelling Ltd, Re [2020] EWHC 1499 (Ch) (05 June 2020)

Swissport Fuelling Ltd, Re [2020] EWHC 1499 (Ch) (05 June 2020)

It is appropriate to convene a single meeting of scheme creditors (the lenders under the Credit Agreement) as their rights are substantially the same, the differences in interest rates, maturities, and fees do not fracture the class, and there is no jurisdictional or procedural roadblock to proceeding. Notice and meeting arrangements are adequate given the urgency and sophistication of the creditors.

Citation
[2020] EWHC 1499 (Ch)
Parties
Applicant/company: Swissport Fuelling Limited
Jurisdiction
England and Wales
Judgment Date
05 June 2020
Procedural Posture
Scheme of Arrangement (companies Act 2006, S.896) / Convening Hearing
Outcome
Order granted to convene a single meeting of scheme creditors.
Legal Topics
Scheme of Arrangement, Class Composition, Jurisdiction, Notice Requirements, Debt Restructuring
Insolvency Law Company Law Scheme of Arrangement Class Composition Jurisdiction Notice Requirements Debt Restructuring

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Parties

Swissport Fuelling Limited

Applicant/company

Procedural Posture

Scheme of Arrangement (companies Act 2006, S.896) / Convening Hearing

Legal Issues

  1. 1 Whether to convene a meeting of scheme creditors under s.896 Companies Act 2006
  2. 2 Appropriate class composition for scheme creditors
  3. 3 Jurisdictional basis for the scheme and its international effectiveness

Ratio Decidendi

It is appropriate to convene a single meeting of scheme creditors (the lenders under the Credit Agreement) as their rights are substantially the same, the differences in interest rates, maturities, and fees do not fracture the class, and there is no jurisdictional or procedural roadblock to proceeding. Notice and meeting arrangements are adequate given the urgency and sophistication of the creditors.

Court Disposition

Order granted to convene a single meeting of scheme creditors.

Orders

  • Meeting of scheme creditors (lenders under the Credit Agreement) to be convened as a single class.
  • Notice to be given as soon as practicable; meeting to be held virtually by Webinar.