Apcoa Parking Holdings GmbH & Ors (Rev 1)

Apcoa Parking Holdings GmbH & Ors (Rev 1)

The schemes are fair, were properly approved by creditors, and there is sufficient connection to England to justify the exercise of jurisdiction. No jurisdictional or procedural impediment exists, and recognition in relevant foreign jurisdictions is likely. The court sanctions the schemes.

Parties
Applicant Scheme Companies: APCOA Parking Holdings GmbH and Others; Respondents: Centerbridge Partners, L.P. and Centerbridge Partners Europe, L.P.
Jurisdiction
England and Wales
Judgment Date
14 April 2014
Procedural Posture
Scheme of Arrangement (companies Act 2006) / Sanction Hearing
Outcome
Schemes sanctioned
Legal Topics
Schemes of Arrangement, Jurisdiction, Cross Border Insolvency, Recognition of Foreign Judgments
Company Law Insolvency Law Private International Law Schemes of Arrangement Jurisdiction Cross Border Insolvency Recognition of Foreign Judgments

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Parties

APCOA Parking Holdings GmbH and Others

Applicant Scheme Companies

Centerbridge Partners, L.P. and Centerbridge Partners Europe, L.P.

Respondents

Procedural Posture

Scheme of Arrangement (companies Act 2006) / Sanction Hearing

Legal Issues

  1. 1 Whether the court should sanction nine schemes of arrangement under Part 26 of the Companies Act 2006 for companies with cross-border elements
  2. 2 Whether the class meetings were properly constituted and conducted
  3. 3 Whether there is any jurisdictional impediment to sanctioning the schemes given the change of governing law and jurisdiction to England

Ratio Decidendi

The schemes are fair, were properly approved by creditors, and there is sufficient connection to England to justify the exercise of jurisdiction. No jurisdictional or procedural impediment exists, and recognition in relevant foreign jurisdictions is likely. The court sanctions the schemes.

Court Disposition

Schemes sanctioned

Orders

  • Schemes of arrangement for all nine applicant companies are sanctioned. Final terms of the orders to be settled with Counsel.