Cimolai SpA & Anor, Re [2023] EWHC 2193 (Ch) (25 August 2023)

Cimolai SpA & Anor, Re [2023] EWHC 2193 (Ch) (25 August 2023)

The restructuring plans satisfy statutory requirements, threshold conditions, and cross-class cramdown jurisdiction. Dissenting creditors are no worse off under the plans than in the relevant alternative. The plans are fair, reasonable, and should be sanctioned.

Citation
[2023] EWHC 2193 (Ch)
Parties
Applicant: Cimolai SpA; Applicant: Luigi Cimolai Holdings Company (LCH); Creditor: JB Drax; Creditor: Global Reach Markets; Creditor: Al Bayt joint venture
Jurisdiction
England and Wales
Judgment Date
25 August 2023
Procedural Posture
Application for Sanction of Restructuring Plan / Sanction Hearing
Outcome
restructuring plans sanctioned
Legal Topics
Restructuring Plan, Cross Border Insolvency, Creditor Rights, Companies Act 2006 Part 26 a, Class Composition, Cross Class Cramdown
Insolvency Company Law Restructuring Plan Cross Border Insolvency Creditor Rights Companies Act 2006 Part 26 a Class Composition Cross Class Cramdown

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Parties

Cimolai SpA

Applicant

Luigi Cimolai Holdings Company (LCH)

Applicant

JB Drax

Creditor

Global Reach Markets

Creditor

Al Bayt joint venture

Creditor

Procedural Posture

Application for Sanction of Restructuring Plan / Sanction Hearing

Legal Issues

  1. 1 Whether the restructuring plans for Cimolai SpA and LCH should be sanctioned under Part 26A of the Companies Act 2006
  2. 2 Whether statutory requirements and threshold conditions are met
  3. 3 Whether cross-class cramdown jurisdiction under section 901G is engaged

Ratio Decidendi

The restructuring plans satisfy statutory requirements, threshold conditions, and cross-class cramdown jurisdiction. Dissenting creditors are no worse off under the plans than in the relevant alternative. The plans are fair, reasonable, and should be sanctioned.

Court Disposition

restructuring plans sanctioned

Orders

  • Order sanctioning the restructuring plan for Cimolai SpA under Part 26A Companies Act 2006
  • Order sanctioning the restructuring plan for Luigi Cimolai Holdings Company under Part 26A Companies Act 2006