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Vol 15 (2018) - Issue 4
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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, UKSynopsis
- 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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