- A hat trick of leading decisions on creditor cramdowns—treatment of landlord groups in New Look, Regis and Virgin Atlantic
Restructuring & Insolvency analysis: This table provides a high level summary showing how various categories of landlord and other creditors were treated in Regis, New Look and Virgin Active. In the space of a week, we have received three landmark decisions from the High Court, all relating to the compromise of lease liabilities. Virgin Active saw a cross class cram down in the first truly contested Restructuring Plan since the legislation was introduced last year. It has been flanked by the decisions on the New Look and Regis company voluntary arrangements (CVAs). Leave to appeal has been granted on New Look, but already the three provide market defining and much needed clarification for debtors and their stakeholders as to the permissible scope of cram down. Written by Tom Astle, Mathew Ditchburn and James Maltby of Hogan Lovells. Hogan Lovells acted on all three of these ground breaking cases.
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