The First Restructuring Plan to Cram Down HMRC, Government Reports on Certain UK Restructuring Processes, the Galapagos Cross-border Insolvency Battle and More

August 1, 2022

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In this edition of Restructuring Watch, we reflect on:

  • The first restructuring plan to cram down HMRC.
  • Recent government reports on certain UK restructuring processes and learnings from the first six-months of the National Security and Investment Act 2021.
  • Government consultations on a crypto special administration regime and prospective additions to the cross-border recognition and insolvency framework.
  • A reminder of the recent important milestone in the Galapagos cross-border insolvency battle. 

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September 11, 2024

The majority of all 2023 EMEA restructurings involving an equitisation and/or a maturity extension required the provision of new money. While equitisation can solve for an over-leveraged capital structure, and maturity extensions can provide runway for business recovery and turnaround, those steps alone are often insufficient without there also being a contemporaneous solution for liquidity. This has been the experience on many of our recent matters, and arguably is a symptom of the covenant-lite debt documents which dominate the market, and which often don't default until there is a liquidity crunch.

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