New Look Financing PLC, Re

New Look Financing PLC, Re

All Scheme Creditors have sufficiently similar rights and are treated equally under the Scheme; no class fracture arises from the Lock-up Agreement or participation in the PIK Loan. There are no jurisdictional impediments, notification and meeting arrangements are adequate, and the court will order the convening of a single meeting of Scheme Creditors.

Parties
Applicant: New Look Financing plc
Jurisdiction
England and Wales
Judgment Date
23 September 2020
Procedural Posture
Scheme of Arrangement (companies Act 2006, S.896) / Application for Order to Convene Meeting of Scheme Creditors
Outcome
Application granted
Legal Topics
Scheme of Arrangement, Financial Restructuring, Class Composition, Jurisdiction, Creditors' Meetings
Insolvency Company Law Scheme of Arrangement Financial Restructuring Class Composition Jurisdiction Creditors' Meetings

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Parties

New Look Financing plc

Applicant

Procedural Posture

Scheme of Arrangement (companies Act 2006, S.896) / Application for Order to Convene Meeting of Scheme Creditors

Legal Issues

  1. 1 Whether to convene a single meeting of Scheme Creditors to consider the proposed Scheme of Arrangement under s.896 Companies Act 2006
  2. 2 Whether Scheme Creditors constitute a single class for voting purposes
  3. 3 Whether there are any jurisdictional roadblocks to the Scheme proceeding

Ratio Decidendi

All Scheme Creditors have sufficiently similar rights and are treated equally under the Scheme; no class fracture arises from the Lock-up Agreement or participation in the PIK Loan. There are no jurisdictional impediments, notification and meeting arrangements are adequate, and the court will order the convening of a single meeting of Scheme Creditors.

Court Disposition

Application granted

Orders

  • Order convening a single meeting of Scheme Creditors to consider and, if thought fit, approve the Scheme of Arrangement
  • Order permitting the Scheme meeting to be conducted via webinar with appropriate arrangements for creditor consultation