Codere scheme—deal debrief
Produced in partnership with Iain White of Clifford Chance LLP
Codere scheme—deal debrief

The following Restructuring & Insolvency practice note Produced in partnership with Iain White of Clifford Chance LLP provides comprehensive and up to date legal information covering:

  • Codere scheme—deal debrief
  • Brexit impact
  • Pre-existing group structure and debt profile
  • Background and reasons for needing the scheme
  • Key steps in the restructuring
  • Post-restructuring group structure
  • Court guidance
  • Practical effects

In December 2015, Newey J sanctioned a scheme of arrangement for part of the Spanish Codere group, in an interesting case of good forum shopping.

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.

Schemes of arrangement do not fall within the Recast Regulation on Insolvency, so are not affected by the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146, but their subsequent recognition may rely on Brussels I (recast) (see Practice Note: Brexit—impact on schemes of arrangement).

For cross-border matters, the Civil Jurisdiction and Judgments (Amendment) (EU Exit) Regulations 2019, SI 2019/479 have an impact. For further details, see Practice Note: No deal Brexit—enforcement of judgments [Archived].

Pre-existing group structure and debt profile

The parent company, Codere SA (Holdco), was incorporated and listed

Popular documents