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England and Wales decisions
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Standard Profil Automotive GmbH, Re [2025] EWHC 2133 (Ch) (29 July 2025)
The High Court granted a convening order for a Part 26 scheme of arrangement proposed by Standard Profil Automotive GmbH, finding a single creditor class and no procedural impediment.
The restructuring plan satisfies statutory conditions for cross-class cram down; Class A and C creditors are valid cramming classes; shareholder retention is justified by SOE status and market value; no better alternative plan exists; plan is sanctioned subject to undertakings by SOE shareholders and Plan Company.
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Ambatovy Minerals Societe Anonyme & Anor, In the Matter Of (Rev1) [2025] EWHC 279 (Ch) (11 February 2025)
The High Court sanctioned restructuring plans for two Madagascar mining companies, using cross-class cram down to bind dissenting recovery financing lenders.
Sino-Ocean Group Holding Ltd, Re [2025] EWHC 205 (Ch) (03 February 2025)
The High Court sanctioned Sino-Ocean Group Holding Limited’s restructuring plan under Part 26A, rejecting objections to the cram-down classes and shareholder treatment.
Sino-Ocean Group Holding Ltd, Re [2024] EWHC 2851 (Ch) (11 November 2024)
The High Court convened creditor meetings for Sino-Ocean’s Part 26A restructuring plan, upheld four creditor classes, and gave directions for a revised timetable.
The High Court allowed convening of creditor meetings for Sino-Ocean’s Part 26A restructuring plan, upheld the four-class structure, and ordered timetable adjustments.
The court lacks jurisdiction to sanction the plan as originally proposed because it does not constitute a compromise or arrangement with subordinated creditors, as required by s901A of the Companies Act 2006. Amendments to provide consideration to subordinated creditors would create a compromise or arrangement, but the court cannot amend the plan to confer jurisdiction. Subordinated creditors are out of the money in the relevant alternative (liquidation), so their views on fairness carry little weight. The plan has sufficient connection to England due to the COMI shift, and there is a reasona…
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The High Court sanctioned AGPS BondCo PLC’s Part 26A restructuring plan, including cross-class cram down of dissenting 2029 noteholders, and upheld the issuer substitution under German law.
The court sanctioned the scheme because the statutory requirements were met, the scheme was approved by the requisite majorities of creditors, the class was properly constituted, and the scheme was fair. The appropriate comparator was insolvent liquidation, not an orderly wind down, and the shareholders' objections did not warrant refusal of sanction. The scheme had sufficient connection to the jurisdiction and was likely to be effective in key jurisdictions.
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The scheme of arrangement is sanctioned because all statutory requirements are satisfied, the class was properly constituted and represented, the explanatory statement and notification process were adequate, the third-party release mechanism is justified and not a 'blot', and the scheme will be effective in Brazil, the key jurisdiction. The overwhelming creditor support further justifies sanction.
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