River Island Holdings Limited, Re

River Island Holdings Limited, Re

The restructuring plan satisfies statutory requirements, provides a better return to all creditor classes than administration, meets fairness and rationality tests, and the Court exercises its discretion to sanction the plan and cram down dissenting classes.

Parties
Applicant: River Island Holdings Limited; Secured Creditor: Blue Coast Finance Ltd; Banking Creditor: Barclays; Banking Creditor: NatWest; Stakeholder: British Property Federation; Landlord (dissenting): Fraser Group; Landlord (dissenting): British Land
Jurisdiction
England and Wales
Judgment Date
09 May 2025
Procedural Posture
Restructuring Plan Approval / Sanction Judgment
Outcome
Restructuring plan sanctioned; dissenting classes crammed down.
Legal Topics
Restructuring Plan, Creditor Compromise, Cram Down, Companies Act 2006, Scheme of Arrangement
Insolvency Company Law Restructuring Plan Creditor Compromise Cram Down Companies Act 2006 Scheme of Arrangement

Case Brief

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Parties

River Island Holdings Limited

Applicant

Blue Coast Finance Ltd

Secured Creditor

Barclays

Banking Creditor

NatWest

Banking Creditor

British Property Federation

Stakeholder

Fraser Group

Landlord (dissenting)

British Land

Landlord (dissenting)

Procedural Posture

Restructuring Plan Approval / Sanction Judgment

Legal Issues

  1. 1 Whether the restructuring plan meets statutory requirements for sanction under Part 26A Companies Act 2006
  2. 2 Whether dissenting creditor classes can be crammed down under section 901G
  3. 3 Whether the plan provides fair and reasonable treatment to all creditor classes

Ratio Decidendi

The restructuring plan satisfies statutory requirements, provides a better return to all creditor classes than administration, meets fairness and rationality tests, and the Court exercises its discretion to sanction the plan and cram down dissenting classes.

Court Disposition

Restructuring plan sanctioned; dissenting classes crammed down.

Orders

  • Restructuring plan approved under Part 26A Companies Act 2006.
  • Dissenting creditor classes (Class A, B2, B3, C Landlords) bound by the plan.