Vol 22 (2025) - Issue 2

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Sino-Ocean: English Court Approves Restructuring Plan, Notwithstanding First Challenge on 'Gerrymandering' and Discounting Votes

Synopsis
The English Court approved the UK restructuring plan ('UKRP') of Sino-Ocean despite opposition from a creditor, Long Corridor, which held c.1.5% of the liabilities under the plan. The case is the first UKRP to be opposed on 'gerrymandering' grounds; the first 'cram-across' by claims governed by non-English law and subject to an overseas scheme; and the first opposed case on the 'discounting' of votes in a UKRP.