Sanctioned: Virgin Active's Restructuring Plans - Insolvency/Bankruptcy/Re-structuring
Overview On 12 May 2021, the High Court sanctioned three inter-conditional restructuring plans, under the Part 26A of the Companies Act 2006, for certain English subsidiaries of the Virgin Active group, despite major opposition of certain landlords. 1 In the landmark decision, the High Court exercised its discretion to cram-down multiple classes of dissenting landlords in each plan, compromising their claims. This client alert is relevant to disrupted, stressed, and distressed companies, as well as their directors and creditors, including landlords. Key takeaways 1. Valuation: the restructuri...
Source: mondaq.com