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International Corporate Rescue

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Vol 15 (2018) - Issue 4

Article preview

Citibank NA, London Branch v Oceanwood Opportunities Master Fund and others [2018] EWHC 448 (Ch)

Beth Cunniffe, Associate, and Katharina Crinson, Senior Knowledge Lawyer, Freshfields Bruckhaus Deringer LLP, London, UK

Synopsis

- The High Court looks at a disenfranchisement provision preventing a noteholder who 'controlled' an issuer from having its vote counted for the purpose of giving enforcement instructions.
- The High Court determined that the requisite level of control must be pervasive and come from the 'Noteholder’s side of the Issuer/Noteholder divide'.
- The judgment emphasises the importance of taking a commercial approach to contractual interpretation and provides helpful guidance on the determination of de facto control.

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International Corporate Rescue

"Among a vast variety of insolvency and restructuring journals, International Corporate Rescue is unparalleled in its depth of coverage of issues relevant to practitioners in all corners of the globe today."

Paul Kirk, Collins Pitt Associates, Melbourne

 

 

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