International Corporate Rescue
Journal Issues
Vol 18 (2021) - Issue 2
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The English Courts’ First Dive into Cross-Class Cram-Down
Kate Stephenson, Partner, and Zoe Stembridge, Associate, Kirkland & Ellis International LLP, London, UKSynopsis
DeepOcean was the test case for the critical element of the UK's new restructuring plan procedure: crossclass cram-down. In this article, we explore the first application of the statutory requirements for binding a dissenting class, the court's approach to exercising its discretion in such a case, and what lessons DeepOcean provides for future cases.
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