DeepOcean I UK Ltd & Ors, Re

DeepOcean I UK Ltd & Ors, Re

The court sanctioned the restructuring plans because all statutory requirements under sections 901F and 901G of the Companies Act 2006 were satisfied, including that the dissenting class would be no worse off than in the relevant alternative, and the plan was just and equitable. The court exercised its discretion to sanction the plan, noting overwhelming support from other creditor classes and the absence of any valid objection.

Parties
Applicant Company: DeepOcean I UK Limited; Applicant Company: DeepOcean Subsea Cables Limited; Applicant Company: Enshore Subsea Limited; Respondent: Original Locked-Up Lenders
Jurisdiction
England and Wales
Judgment Date
28 January 2021
Procedural Posture
Restructuring Plan Sanction Application / Sanction Hearing and Judgment
Outcome
Restructuring plans sanctioned
Legal Topics
Restructuring Plan, Cross Class Cram Down, Sanction of Arrangement, Companies Act 2006 Part 26 a
Insolvency Law Company Law Restructuring Plan Cross Class Cram Down Sanction of Arrangement Companies Act 2006 Part 26 a

Case Brief

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Parties

DeepOcean I UK Limited

Applicant Company

DeepOcean Subsea Cables Limited

Applicant Company

Enshore Subsea Limited

Applicant Company

Original Locked-Up Lenders

Respondent

Procedural Posture

Restructuring Plan Sanction Application / Sanction Hearing and Judgment

Legal Issues

  1. 1 Whether the statutory requirements for sanctioning a restructuring plan under section 901F and 901G of the Companies Act 2006 are met
  2. 2 Whether the court should exercise its discretion to sanction the plan despite a dissenting class
  3. 3 Whether the plan is just and equitable

Ratio Decidendi

The court sanctioned the restructuring plans because all statutory requirements under sections 901F and 901G of the Companies Act 2006 were satisfied, including that the dissenting class would be no worse off than in the relevant alternative, and the plan was just and equitable. The court exercised its discretion to sanction the plan, noting overwhelming support from other creditor classes and the absence of any valid objection.

Court Disposition

Restructuring plans sanctioned

Orders

  • The restructuring plans for DeepOcean I UK Limited, DeepOcean Subsea Cables Limited, and Enshore Subsea Limited are sanctioned pursuant to section 901F of the Companies Act 2006.