Akin Successful in Adler Restructuring Appeal
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(London) - In a landmark decision for the restructuring market, the Court of Appeal today overturned the High Court’s decision sanctioning the Adler restructuring plan, says law firm Akin, which acted for the successful appellants.
This is the first Court of Appeal judgment to consider a restructuring plan and the parameters of the novel cross-class cram down power following the introduction of restructuring plans into UK legislation in 2020. This is also the first Court of Appeal decision to set aside a UK in-court restructuring sanctioned at first instance.
The judgment relates to the €6 billion restructuring of German real estate company Adler Group S.A. and its subsidiaries. Akin advised the ad hoc group of noteholders opposing the restructuring plan.
The representation of the ad hoc group was led by financial restructuring partner James Terry and international disputes partner Richard Hornshaw, with support from litigation counsel Mouna Moussaoui.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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