Vol 18 (2021) - Issue 3

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English Court Sanctions Virgin Active’s Restructuring Plans, Following Major Challenge from Landlords

Synopsis
In a landmark judgment, the English court sanctioned Virgin Active's restructuring plans, notwithstanding a major challenge by certain landlords.1 This was the first fully-opposed restructuring plan, following an extensive five-day sanction hearing, and the first to compromise multiple classes of landlords.
The judgment closely followed the court comprehensively rejecting certain landlords' challenge to New Look's company voluntary arrangement; the landlords have been granted permission to appeal.