Restructuring & Insolvency analysis: Mr Justice Hildyard sanctioned inter-conditional Part 26A restructuring plans for TG Jones, using cross-class cram down despite opposition from most landlord classes. The court confirmed the established ‘landlord plan’ architecture, including classification by store economics, differentiated rent compromises and creditor treatment, but subjected sponsor equity retention and related-party value extraction to close scrutiny. Sanction was supported by negotiated protections, including secured rent deferral, enhanced profit sharing, reinvestment undertakings and restrictions on shareholder leakage. The judgment is significant for its treatment of deferred rent as a compromise rather than new money, its emphasis on evidencing fair allocation of restructuring surplus, and its warning that cram-down timetables must allow for judicial consideration. Produced in partnership with Justin Perring of New Square Chambers.