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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
PRACTICE NOTES
Atento UK Limited and Atento Luxco 1 applied for two Part 26A restructuring plans (RPs) at a convening hearing in October 2023 and sanction hearing in November 2023. 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 list of deal debriefs from 2020 to present, see Practice Note: Part 26A restructuring plan deal debriefs. 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 Atento UK Limited (Atento UK) and Atento Luxco 1 (the Issuer) (together, the Plan Companies) Industry sector Customer relationship management and business process outsourcing service Place of debtor’s incorporation and jurisdictional factors Atento UK—England; Atento Luxco 1—Luxembourg.Atento UK executed a deed poll and assumed obligations corresponding to the obligations of the Issuer under the swap
PRACTICE NOTES
C-Retail Limited (part of the Superdry group) successfully applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2024 and sanction hearing in June 2024. 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 the Restructuring plans collection. For a detailed analysis of key metrics from the RPs filed in 2024 and commentary from leading lights in the restructuring world, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2024 [Archived]. Name of plan company C-Retail Limited (part of the Superdry group) (the Company); the Company is a wholly owned subsidiary of Superdry PLC which holds the group’s leasehold portfolio in the UK from which the Group trades its UK store retail business. Industry sector Retail Place of debtor’s incorporation and jurisdictional factors England & Wales Legal counsel involved The Company: Mr Tom Smith KC and Mr Matthew Abraham (instructed by Macfarlanes
PRACTICE NOTES
CB&I UK Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in September 2023 and sanction hearing in February 2024. 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 CB&I UK Ltd (the Company), part of a group ultimately owned by a Bermudan company called McDermott International Limited Industry sector Construction/engineering Place of debtor’s incorporation and jurisdictional factors England & Wales, with its centre of main interests (COMI) in the UK.Company entered into a deed of contribution in favour of the borrower. Timeline January 2020: various entities within the Group, including the Plan Company, filed for Chapter 11 protection in the US7 June 2023:
PRACTICE NOTES
CFG Investments SAC applied for a Part 26A restructuring plan (RP) at a convening hearing in October 2021 and sanction hearing in September 2022. 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 CFG Investments SAC (the Company) Industry sector Fishing Place of debtor’s incorporation and jurisdictional factors PeruGoverning law changed from NY law to English law under the Chapter 11 proceedings for the Singaporean parent company. Timeline 2 March 2021: invitation to all creditors to subscribe to the Restructuring Support Agreement6 September 2021: Practice Statement Letter (PSL) circulated1 October 2021: convening hearing before Sir Alastair Norris21 October 2021: creditors’ meetings took place; however just before the
PRACTICE NOTES
Chandlers Building Supplies Holdings Limited (and 12 other group companies, being members of the Turbo Group) applied for 13 inter-conditional Part 26A restructuring plans (RPs) at a convening hearing in June 2025 and sanction hearing in July 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 companies Chandlers Building Supplies Holdings Limited, Chandlers Building Supplies Limited, CRS Building Supplies Limited, Devondale Electrical Distributors Limited, Dougfield Plumbers Supplies Limited, Fairalls (Builders Merchants) Limited, Grant & Stone Limited, Parker Building Supplies Limited, Pennyhill Timber Ltd, Rawle Gammon & Baker Holdings Limited, Sussex Plumbing Supplies Limited, Sussex Turnery & Moulding Company Limited, Total Plumbing Supplies Limited and Chandlers Building Supplies Holdings Limited (together,
PRACTICE NOTES
Chaptre Finance plc first applied for a Part 26A restructuring plan (RP) at a convening in June 2023 and sanction hearing in July 2023. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). The Company launched a second RP in October 2024 (see Practice Note: Tracker of Part 26 scheme/Part 26A restructuring plan hearing dates 2024 [Archived]). 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 Chaptre Finance plc (the Company) Industry sector Energy (the Company was incorporated for the purpose of financing the construction of a biomass power plant in Teesside which is designed to produce electricity by burning wood pellets and chips). Place of debtor’s incorporation and jurisdictional factors England & Wales.On 1 June
PRACTICE NOTES
Chaptre Finance plc applied for a second Part 26A restructuring plan (RP) at a convening hearing in October 2024 and sanction hearing in November 2024. The key points appear below (capitalised terms not defined herein are as defined in the convening and sanction judgments). The Company launched and obtained a first RP in 2023 (see Practice Note: Part 26A restructuring plan deal debrief—Chaptre Finance plc (first plan)). 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 Chaptre Finance plc (the Company) Industry sector Energy (the Company was incorporated for the purpose of financing the construction of a biomass power plant in Teesside which is designed to produce electricity by burning wood pellets and chips). Place of debtor’s incorporation and jurisdictional factors England & Wales. On
PRACTICE NOTES
Cimolai SpA and Luigi Cimolai Holdings SpA applied for a Part 26A restructuring plan (RP) at a sanction hearing in August 2023. 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 companies Cimolai SpA (Cimolai) and Luigi Cimolai Holdings SpA (LCH) (the Plan Companies) Industry sector Steel manufacturing Place of debtor’s incorporation and jurisdictional factors Italy Timeline 24 October 2022: the Court of Trieste (Italy) commenced concordato proceedings against both Plan Companies, appointed a judicial commissioner and granted a stay preventing creditors from commencing or continuing enforcement action against their assets29 December 2022: Fancourt J made an interim order under the Cross-Border Insolvency Regulations (CBIR 2006), SI 2006/1030 recognising