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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
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  • Vol 18 (2021)
  • Vol 19 (2022)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 20 (2023)

Vol 19 (2022) - Issue 4

Article preview

E D & F Man Restructuring Plan: Key Points for Practitioners

Hamish Hatrick, Trainee Solicitor, Richard Layther, Associate, Nick Cooper, Associate, Rachel Seeley, Counsel, and Richard Tett, Partner, Freshfields Bruckhaus Deringer LLP, London, UK

Synopsis
The E D & F Man Group (the 'Group') transaction consisted of a complex cross-border refinancing of multiple debt instruments totalling over USD 1.5 billion, together with a ringfencing/intra-group reorganisation and recapitalisation of the Group's commodities trading business. The commodities recapitalisation included the injection of USD 300 million of new money to finance future trading. The transaction was implemented by way of an English restructuring plan, involving five creditor and two shareholder/member classes and the use of cross-class cram-down. It represents the first large-scale international restructuring plan to amend under a single process both a company's shareholders/share documentation and its financial debt. This is the paradigm use case for the restructuring plan, which was introduced in June 2020 by the Corporate Insolvency and Governance Act 2020. This article focuses on key points of interest for restructuring practitioners arising out of the convening and sanction hearings.

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International Corporate Rescue

"International Corporate Rescue is the ultimate legal and commercial guide through the maze of complex cross border insolvency and restructuring issues."

William Q Derrough, Managing Director and Co-head of Recapitalization & Restructuring Group, Moelis & Company, New York

 

 

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