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PRACTICE NOTES
Cineworld Cinemas Limited (and three other group companies) applied for four Part 26A restructuring plans (RPs) at a convening hearing in August 2024 and sanction hearing in September 2024. The key points appear below (capitalised terms not defined herein are as defined in the sanction judgment). 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 Cine-UK Limited (CUKL), Cineworld Cinemas Limited (CWCL), Cineworld Cinema Properties Limited (CCPL) and Cineworld Estates Limited (CWEL), (together, the Plan Companies) Industry sector Entertainment/Cinemas Place of debtor’s incorporation and jurisdictional factors The Companies were all incorporated in England and Wales.The Plan Companies were guarantors of the Group’s principal financing arrangements. Legal counsel involved The Companies: Tom Smith KC, Henry Phillips and Annabelle Wang (instructed by Kirkland and Ellis LLP).Dissenting landlords,
PRACTICE NOTES
Consort Healthcare (Tameside) Plc applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2024, but the RP was stayed following an award for security for costs against the Company. On 10 December 2024, the Company gave notice that following a settlement with the NHS Trust, it was formally discontinuing the RP. The key points appear below (capitalised terms not defined herein are as defined in the convening judgment). This Deal Debrief forms part of our 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 Consort Healthcare (Tameside) Plc (the Company) Industry sector Healthcare Place of debtor’s incorporation and jurisdictional factors England & Wales Legal counsel involved The Company: Mr Tom Smith KC and Mr Henry Phillips (instructed by Herbert Smith Freehills LLP) Tameside and Glossop Integrated Care NHS Foundation
PRACTICE NOTES
DSTBTD Limited (an SME) applied for a Part 26A restructuring plan (RP) at a convening hearing in June 2025 and sanction hearing in August 2025. The key points appear below (capitalised terms not defined herein are as defined in the sanction judgment). 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 DSTBTD Limited trading as Distributed (the Company). Industry sector Technology and information support services. Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in England and Wales. Legal counsel involved The Company: Mr Andrew Mace of Tanfield Chambers (instructed by Lewis Silkin LLP). Other advisers involved Turnaround adviser: Tony Groom of K2 Business Partners drafted the RP documents, dealt with HMRC and assisted developing and implementing the operational turnaround initiatives;Plan Supervisors: Adam Solomon
PRACTICE NOTES
Three companies in the DeepOcean Group applied for three Part 26A restructuring plans (RP) at a convening hearing in December 2020 and sanction hearing in January 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 companies DeepOcean I Ltd (DO1), DeepOcean Subsea Cables Ltd (DSC) and Enshore Subsea Ltd (ES) (together, the Plan Companies) Industry sector Subsea construction work Place of debtors’ incorporation and jurisdictional factors All Plan Companies incorporated in England & Wales and have their COMI in the UK. Legal counsel involved The Company: Mr Tom Smith QC and Ms Charlotte Cooke (instructed by Kirkland & Ellis International LLP)The Original Locked-Up Lenders: Mr Jeremy Goldring QC
PRACTICE NOTES
ED&F Man Holdings Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in February 2022 and sanction hearing in March 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 ED&F Man Holdings Ltd (the Company) Industry sector Agricultural products Place of debtor’s incorporation and jurisdictional factors EnglandThe Company executed a Deed of Contribution in favour of a subsidiary of the Company, ED&F Man Treasury Management PLC (MTM) and Volcafe Vietnam (borrowers under financing arrangements compromised under the RP) as previously the Company was merely a guarantor. Timeline 9 September 2020: Meade J sanctioned a scheme of arrangement for MTM, to convert some
PRACTICE NOTES
Fitness First Clubs Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2023 and sanction hearing in June 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 company Fitness First Clubs Limited (the Company) Industry sector Gyms Place of debtor’s incorporation and jurisdictional factors England & Wales Timeline 17 April 2023: Practice Statement Letter (PSL) circulated3 May 2023: Part 8 claim form issued10 May 2023: convening hearing before Mr Justice Zacaroli1 June 2023: creditors’ meetings 12 June 2023: sanction hearing originally scheduled before Mr Justice Michael Green26 June 2023: sanction hearing before Mr Justice Michael Green29 June 2023: oral
PRACTICE NOTES
Fossil (UK) Global Services Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in October 2025 and sanction hearing in November 2025. The key points appear below (capitalised terms not defined herein are as defined in the sanction judgment). See Re Fossil (UK) Global Services Ltd [2025] EWHC 2741 (Ch) (convening) (not reported byLexisNexis®) 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. Key practical takeaways This RP is notable for these main aspects: • it used a stapled exchange structure (or ‘International Two-Step’): a consensual exchange offer backed by a coercive English RP, allowing for either (i) an out-of-court (liability management exercise) restructuring by US entity, Fossil Group Inc, if 90% participation was achieved (ie the carrot), or (ii) an in-court RP for the new English subsidiary
PRACTICE NOTES
Hong Kong Airlines Ltd applied for a Part 26A restructuring plan (RP) at a sanction hearing in December 2022. The key points appear below (capitalised terms not defined herein are as defined in the sanction judgment). 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 Hong Kong Airlines Ltd (the Company) Industry sector Airlines Place of debtor’s incorporation and jurisdictional factors Hong Kong COMI is in Hong Kong, but the Company is registered as an overseas company in England and the underlying debt was mostly subject to English governing law (see below). Timeline 25 October 2022: convening hearing before Mr Justice Fancourt28 October 2022: Explanatory Statement circulated17 November 2022: RP modifications circulated in Second Supplement to the Explanatory Statement25 November 2022: creditors’ meetings originally
PRACTICE NOTES
Houst Ltd applied for a Part 26A restructuring plan (RP) at a convening hearing in June 2022 and sanction hearing in July 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 Houst Ltd (the Company) Industry sector Property management Place of debtor’s incorporation and jurisdictional factors England & Wales Legal counsel involved The Company: Marcus Haywood (instructed by Irwin Mitchell LLP) Timeline 31
PRACTICE NOTES
Hurricane Energy PLC applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2021 and sanction hearing in June 2021, however, the court refused to sanction the RP. 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 Hurricane Energy PLC (the Company) Industry sector Oil & gas Place of debtor’s incorporation and jurisdictional factors England and Wales Legal counsel involved The Company: Tom Smith QC, Matthew Abraham and Ryan Perkins (instructed by Dentons UK and Middle East LLP) The Ad Hoc Committee of Bondholders (AHC): Stephen Robins (instructed by Akin Gump LLP) Crystal Amber Fund Limited (opposing shareholder): Andrew Thornton
PRACTICE NOTES
Iguanas Holdings Limited (the Company) applied for a Part 26A restructuring plan (RP) at a convening hearing in May 2026. The RP was sanctioned by the court in June 2026. 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 Iguanas Holdings Limited Industry sector Hospitality (restaurants) Place of debtor’s incorporation and jurisdictional factors The Company is incorporated (and has its registered office) in England and Wales. Timeline • Practice Statement Letter (PSL) circulated some 35 days before the convening hearing • 1 May 2026: Hogan Lovells wrote to the plan proponents complaining of the inclusion of Class A landlords within RP • 6 May 2026: Convening judgment
PRACTICE NOTES
Madagascar Oil Limited applied for a Part 26A restructuring plan (RP) at a convening hearing in April 2025 and sanction hearing in June 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 collection. For a detailed analysis of key metrics from the RPs filed in 2023 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 Company Madagascar Oil Limited (the Company) Industry sector Oil and Natural Resources Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in Mauritius, with its head office in the UK. It is the intermediate holding company within the Group, which includes Madagascar Oil S.A. (MOSA) and BMK Resources Ltd (BMK).The Company shifted its Centre of Main Interests (COMI) to England to facilitate the restructuring (see [2025] EWHC 1015 (Ch) at para [128]), and although challenged by the dissenting