Hurricane Energy Plc, Re

Hurricane Energy Plc, Re

The court was satisfied that adequate notice was given, it had jurisdiction, threshold conditions under section 901A were met, a single class of Bondholders was appropriate, and shareholders' rights were affected by the Plan, requiring a shareholders' meeting. No roadblock prevented convening meetings.

Source-derived case information.

Parties
Applicant: Hurricane Energy PLC; Respondent: Ad hoc group of Bondholders
Jurisdiction
England and Wales
Judgment Date
25 May 2021
Procedural Posture
Insolvency/restructuring / Application to Convene Creditors' and Shareholders' Meetings
Outcome
Application granted
Legal Topics
Restructuring Plan, Creditors' Meetings, Shareholder Rights, Companies Act 2006 Part 26 a
Company Law Insolvency Law Restructuring Plan Creditors' Meetings Shareholder Rights Companies Act 2006 Part 26 a

Source-derived case record

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Parties

Hurricane Energy PLC

Applicant

Ad hoc group of Bondholders

Respondent

Procedural Posture

Insolvency/restructuring / Application to Convene Creditors' and Shareholders' Meetings

Legal Issues

  1. 1 Whether adequate notice was given to affected parties
  2. 2 Whether the court has jurisdiction to sanction the Plan
  3. 3 Whether threshold conditions under section 901A Companies Act 2006 are met

Ratio Decidendi

The court was satisfied that adequate notice was given, it had jurisdiction, threshold conditions under section 901A were met, a single class of Bondholders was appropriate, and shareholders' rights were affected by the Plan, requiring a shareholders' meeting. No roadblock prevented convening meetings.

Court Disposition

Application granted

Orders

  • Meetings of Bondholders and Shareholders to be convened on 11 June 2021
  • Notice to be sent to all Bondholders via the clearing system and to all shareholders via RNS and by post