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Schemes of Arrangement in Corporate Restructuring
Schemes of Arrangement in Corporate Restructuring
2nd Edition
Practice Area:  Commercial Law
ISBN:  9780414056954
Published by:  Sweet & Maxwell
Publication Date:  24 Jul 2017
Format:  Hardback
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PRODUCT DESCRIPTION

Schemes of Arrangement in Corporate Restructuring provides in-depth guidance on the legal principles, formal procedures and practical issues which underpin the use of schemes of arrangements in complex financial restructurings. The expert author team at White & Case, under Christian Pilkington, cover the subject in full, taking in its development and the fundamental principles of its use as a restructuring tool, alongside key subjects such as jurisdiction, class composition issues and foreign recognition. Practical in its focus, the book provides not only diagrams and flowcharts which summarise complex processes but also case studies to illustrate different types of schemes of arrangement and explain some of the most high-profile international restructurings of recent years.

The English law scheme of arrangement is now an established tool of choice for those engaged in complex financial restructurings, in particular where a consensual solution between all of the company’s creditors is not possible.  The use or the threat of the use, of a UK scheme has featured in the restructuring of the borrowings of many major European corporates over the last decade, and is a theme which looks set to continue.

Schemes have become instrumental in the restructuring of overseas-incorporated companies, as they have come to be viewed as more efficient and “user-friendly” than the available local law alternatives.

The 2nd edition:

  • Explains the different types of restructuring schemes available
  • Features extensive analysis, precedent material and detailed case studies of schemes in operation
  •  Deals with the complex cross-border and jurisdictional issues facing practitioners
  • Includes analysis of all key cases since publication of the 1st edition in 2013 and evaluates recent trends in scheme jurisprudence
  • Considers the potential impact of Brexit on the use of schemes in international restructurings
  • Provides a comparative analysis with similar “cram-down” procedures in other jurisdictions

New to the 2nd edition:
The extensive new features, updates and improvements in the second edition of Schemes of Arrangement in Corporate Restructuring include:

  • New chapters on:
    - Issues Specific to Listed Companies
    - Tax Considerations
    - Schemes Involving Distributions of Securities
  • Analysis of the recent decisions of Snowden J in this area and the trend towards increased judicial scrutiny of restructuring schemes.
  • A review of the far-reaching developments in the case law on jurisdiction for schemes of non-UK companies.
  • New case studies on the groundbreaking schemes of APCOA, Codere and New World Resources.
  • An assessment of the potential impact of Brexit on the use of the UK scheme as a restructuring tool for European corporate borrowers.
  • A summary comparison of the UK scheme of arrangement with equivalent “cram-down” procedures in other jurisdictions.

The new 2nd edition of Schemes of Arrangement in Corporate Restructuring is an in-depth and practical text, meaning the answers you require are easily found and applied to your everyday tasks. The expertise of the authors ensures that even the most complex aspects of the subject are confidently navigated. It is the indispensable guide to schemes in corporate restructuring.

CONTENTS

Contents Include:

  • History and Development of Schemes
  • Advantages and Types of Schemes
  • Fundamental Principles, Key Considerations and Process
  • Jurisdiction
  • Class Issues
  • Scheme Creditor Meetings
  • Bondholder Voting Issues
  • The Sanction Hearing and Valuation Issues
  • Third Party Releases
  • Recognition Issues
  • Issues Specific to Listed Companies
  • Tax Considerations
  • Schemes Involving Distributions of Securities
    ANNEXES
    Annex 1 “Centre of Main Interests” and Related Issues
    Annex 2 Transfer Scheme Case Study 1: Wind Hellas
    Annex 3 Transfer Scheme Case Study 2: IMO Car Wash 
    Annex 4 Cram Down Case Study 1: Primacom
    Annex 5 Cram Down Case Study 2: La Seda de Barcelona
    Annex 6 Jurisdiction Case Study 1: APCOA
    Annex 7 Jurisdiction Case Study 2: Codere
    Annex 8 Toggle Scheme Case Study: New World Resources
    Annex 9 Schemes of Arrangement: International Comparisons
CONTRIBUTOR INFORMATION

Christian Pilkington is a Partner, and head of the EMEA Financial Restructuring & Insolvency Group, with the international law firm White & Case.

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