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PRACTICE NOTES
Standard Profil Automotive GMBH applied for a Part 26 scheme of arrangement (Scheme) at a convening hearing in July 2025 and sanction hearing in September 2025. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). Name of company Standard Profil Automotive GMBH (the Company) Industry sector Automotive Place of debtor’s incorporation and jurisdictional factors Germany Legal counsel involved The Company: Adam Al-Attar KC and Charlotte Cooke (instructed by Linklaters LLP) Timeline 4 February 2025: the Company and Sealing Technologies S.à.r.l. (the Sponsor), agreed to extend the maturity of the Existing Shareholder Loan to April 202714 April 2025: the Company launched a consent solicitation of the Existing Senior Notes to allow certain amendments (including to allow incurrence of the debt under the Bridge Loan). This was approved on 25 April 2025 and became effective on 30 April 20258 July 2025: Practice Statement Letter (PSL) circulated, lock-up agreement entered between AHC and the Sponsor, a further consent solicitation was launched
PRACTICE NOTES
Starting with the most recent first, below are details of the actual timetables used in some Part 26A restructuring plans between 2021 and 2022 showing the notice period between issuing the Practice Statement
PRACTICE NOTES
Practical implications of a restructuring plan The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduced a restructuring procedure that allows a company to bind all creditors/members, including junior (or senior) classes of creditors even if they vote against the plan, through the use of a cross-class cram down (CCCD) provision. Such cram down can be imposed provided that dissenting classes of creditors are no worse off than they would be in the relevant alternative and other conditions are satisfied. For more information, see Practice Note: Cross-Class Cram Down under a Part 26A restructuring plan. The classes of creditors will be proposed by the plan proponent on a case by case basis. For a class to vote in favour, 75% of a class by value must agree to the plan. For more detail on all RPs sanctioned to date, see Practice Note: Part 26A restructuring plan deal debriefs. Process The process for a Part 26A restructuring plan largely mirrors that used in schemes. For both Part 26A restructuring plans and schemes, the Practice
GLOSSARY
Or restructuring plan; a restructuring plan proposed under Part 26A of the Comapnies Act 2006, created by CIGA 2000 similar in many ways to schemes but subject to CCCD and having no numerosity requirement. For a class to vote in favour, 75% of a class by value must agree to the plan.
PRECEDENTS
(pursuant to part 26A of the companies act 2006) between [insert name of company] and its Creditors/Members (as defined in the Restructuring Plan) Dated [insert date] 1 Definitions and Interpretation In the Restructuring Plan, unless the context otherwise requires or otherwise expressly provides, the following definitions apply: Act • means the Companies Act 2006 of Great Britain; Admissible Interest • means any interest provided for in a contract or any relevant statute or any other relevant law or judgment; Admitted Claim • means the balance, if any, calculated as remaining due from the Company to a Creditor/Member pursuant to clause 12.1 following the application of set-off pursuant to clause 13.1; Agreed Claim • means the amount determined as being due from the Company in respect of a Creditor’s/Member’s Claim pursuant to clause 10; Available Distributable Amount • means the amount available for payment by the Company to its Creditors/Members pursuant to clause 15; Board • means the board of directors of the Company from time to time; Business Day • means any day other than Saturday, Sunday or any other day on which banks in the City of London are not open for business; Claim • means any claim against the Company in respect
PRECEDENTS
IMPORTANT NOTICE FROM [insert name of Company] THIS LETTER REQUIRES YOUR IMMEDIATE AND URGENT ATTENTION. IT CONCERNS A RESTRUCTURING PLAN PROPOSED BY [insert name of Company] PURSUANT TO PART 26A OF THE COMPANIES ACT 2006 WHICH MAY AFFECT YOUR LEGAL RIGHTS AND ENTITLEMENTS AND YOU MAY THEREFORE WISH TO TAKE APPROPRIATE LEGAL AND OTHER PROFESSIONAL ADVICE ON ITS CONTENTS. THE PROPOSED RESTRUCTURING PLAN APPLICATION WILL BE CONSIDERED BY THE HIGH COURT OF ENGLAND AND WALES AT A CONVENING HEARING WHICH IS EXPECTED TO TAKE PLACE ON [insert date of convening hearing] IN, [insert location eg London] UNITED KINGDOM. SPECIFIC DETAILS OF THE CONVENING HEARING (INCLUDING CONFIRMATION OF THE TIME) WILL BE PROVIDED TO ALL CREDITORS/MEMBERS (AS DEFINED BELOW) BY A SEPARATE NOTICE IN ADVANCE OF THE CONVENING HEARING.[ CREDITORS/MEMBERS WILL ALSO BE ABLE TO ACCESS AND DOWNLOAD THE NOTICE AT THE FOLLOWING WEBSITE: [insert website details].] YOU ARE BEING CONTACTED AS [insert Company name] BELIEVES YOU ARE A CREDITOR/MEMBER AND WILL THEREFORE BE AFFECTED BY THE PROPOSED RESTRUCTURING PLAN. To: The Creditors/Members (as defined
PRECEDENTS
IMPORTANT NOTICE FROM [insert name of Company] THIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IT CONCERNS A RESTRUCTURING PLAN PROPOSED BY [insert name of Company] PURSUANT TO PART 26A OF THE COMPANIES ACT 2006 WHICH MAY AFFECT YOUR LEGAL RIGHTS AND ENTITLEMENTS AND YOU MAY THEREFORE WISH TO TAKE APPROPRIATE LEGAL AND OTHER PROFESSIONAL ADVICE. THE PROPOSED RESTRUCTURING PLAN APPLICATION WILL BE CONSIDERED BY THE COURT AT A CONVENING HEARING ON [insert date of convening hearing] IN [LONDON], UNITED KINGDOM. SPECIFIC DETAILS OF THE CONVENING HEARING (INCLUDING CONFIRMATION OF THE TIME) WILL BE PROVIDED TO ALL CREDITORS/MEMBERS (AS DEFINED BELOW) BY A SEPARATE NOTICE IN ADVANCE OF THE CONVENING HEARING. [CREDITORS/MEMBERS WILL ALSO BE ABLE
PRACTICE NOTES
The deal debriefs set out various metrics for each Part 26A restructuring plan (RP), including (among others): industry sector, place of incorporation, legal counsel involved, the timeline, the restructuring terms, any third party releases, the classes formed, any excluded creditors, voting in each class, governing law, any challenges, returns under the relevant alternative compared to under the RP, any retention of equity by original shareholders, whether cross class cramdown was used and the ultimate result. The deal debriefs cover all RPs proposed from June 2020 (when the RP was first introduced under the Corporate Insolvency and Governance Act 2020) to date and regardless of whether they were successfully sanctioned or not. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see News Analysis: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024. The chart below shows that RPs have been successfully used across a range of sectors. Deal debriefs (RPs proposed in 2026) • Part 26A restructuring plan
PRACTICE NOTES
AGPS Bondco plc applied for a Part 26A restructuring plan (RP) at a convening hearing in February 2023 and successful sanction hearing in April 2023. However, the sanction order was later overturned by the Court of Appeal in January 2024 (see News Analysis: Adler appeal—restructuring plan sanction order overturned (Re AGPS Bondco plc)). The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company AGPS Bondco plc (the Company) Industry sector Property Place of debtor’s incorporation and jurisdictional factors England & WalesIn January 2023, the Company was substituted for the Parent Company as the issuer of the Notes, ostensibly pursuant to the substitution procedure under the Notes. The dissenting creditors
PRACTICE NOTES
Ambatovy Minerals SA and Dynatec Madagascar SA applied for two Part 26A restructuring plans (RPs) at a first convening hearing in September 2024 and second convening hearing in October 2024. The key points appear below (capitalised terms not defined herein are as defined in the convening judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023. Name of plan companies Ambatovy Minerals SA (Ambatovy) and Dynatec Madagascar SA (Dynatec) (together the Companies) Industry sector Mining Place of debtor’s incorporation and jurisdictional factors The Companies were both incorporated in Madagascar.Contracts governed by English law. Legal counsel involved The Companies: Daniel Bayfield KC and Jon Colclough (instructed by Sullivan & Cromwell LLP)Senior Lenders and Recovery Financing Lenders: Richard Fisher KC and Henry Phillips (instructed by Millbank LLP) (at the first convening
PRACTICE NOTES
The joint administrators of the Small to Medium Enterprise (SME) company, Amicus Finance PLC (in administration), applied for a Part 26A restructuring plan (RP) at a convening hearing and sanction hearing in August 2021. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2023 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Amicus Finance PLC (in administration)(the Company) Industry sector Finance Place of debtor’s incorporation and jurisdictional factors England & Wales Timeline 20 December 2018: HGTL (as qualifying floating charge holder) appointed joint administrators over the Company.7 May 2021: Practice Statement Letter (PSL) circulated (and updated on 3 June 2021).7 June 2021: drafts of the Explanatory Statement and the Restructuring Plan were made
PRACTICE NOTES
Argo Blockchain plc applied for a Part 26A restructuring plan (RP) at a convening hearing in November 2025 which was sanctioned in December 2025. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). This Deal Debrief forms part of our Restructuring plans toolkit. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see News Analysis: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024. Name of plan company Argo Blockchain plc (the Company) Industry sector Cryptocurrency mining (this is the first time an RP has been used on such a company; see Article: Proxy meetings, the gifting principle, and the limits of the rationality test: Re Argo Blockchain plc: (2026) 2 CRI 53) Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in England and Wales. Legal counsel involved The Company: Mr Matthew Abraham and Mr Rabin Kok (instructed by Fladgate LLP).Supporting