DTEK schemes—deal debrief
Produced in partnership with Marc Hecht of Latham & Watkins
DTEK schemes—deal debrief

The following Restructuring & Insolvency guidance note Produced in partnership with Marc Hecht of Latham & Watkins provides comprehensive and up to date legal information covering:

  • DTEK schemes—deal debrief
  • Brexit impact
  • Pre-restructuring group structure and debt profile
  • Background and reasons for needing the schemes
  • Timeline for the overall restructuring
  • Key steps in the twin-tracked approach—exchange offer/amend and extend scheme
  • Court guidance on the amend and extend scheme
  • Key aspects of the standstill scheme
  • Practical effects
  • Court guidance on the LTR Scheme

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.

Although schemes do not fall within the Recast Regulation on Insolvency, their subsequent recognition often relies on Brussels I (recast) (see below and also 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 were made on 4 March 2019 to address the deficiencies which arise from the withdrawal of the UK from the EU by amending legislation including Civil Jurisdiction and Judgments Act 1982 and repealing/revoking certain Retained EU legislation. This legislation is in force from exit date (as defined in the European Union (Withdrawal) Act 2018, ss 20(1)–(5)).

The main impact is to