Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 24 MAY 2023

Cayman Islands Restructuring: Cross-Class Cram Downs And Competing Valuations

Conyers
Conyers
Contributor
Conyers

Conyers

For over 25 years Conyers’ London office has provided time-zone sensitive advice and support to our...

View firm profile
Explore more from Conyers

On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK's Companies Act 2006...

Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Jonathon Milne
Jonathon Milne
Alex Davies
Alex Davies
Mauricio Da Rocha
Mauricio Da Rocha
Author LinkedIn connections

On 21 April 2023, the English High Court handed down its written reasons for sanctioning the Adler Group restructuring plan proposed under the new Part 26A regime of the UK's Companies Act 2006, which raised questions regarding the jurisdiction of the Court, cross-class cram downs, pari passu issues and competing valuations.

Following the introduction of a new restructuring regime in the Cayman Islands (you can find our commentary on these developments here, here and here), we delve into the ramifications of the recent Adler Group decision and its potential impact on further revisions to the Cayman Islands' Companies Act.

Background

The Adler Group, a prominent German property group owning a rental property portfolio valued at c.?8 billion, faced a myriad of liquidity challenges following the impact of ratings downgrades, regulatory/bondholder scrutiny and short-selling pressure. The Adler Group had six series of unsecured notes maturing in 2024, 2025, 2026,

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Cayman Islands Liquidations: Jurisdiction, Liquidator Independence And The Role Of Officeholders

Recent Cayman Islands court decisions have reshaped the landscape for fund liquidations, clarifying competing routes to winding up, the independence test for appointed liquidators, and the jurisdictional implications of filing proofs of debt. These rulings establish important boundaries around officeholder powers while balancing efficiency against proper judicial oversight.
Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Conyers
Conyers
Article

Cayman Islands Litigation: Wiser Heads Have Spoken – Appellate Confirmation Of The Investigative Ground

The Court of Appeal in Re PetroSaudi International has settled a long-standing debate by confirming that Cayman Islands courts have jurisdiction to order just and equitable winding up where there is a need for investigation into a company's affairs. This landmark appellate decision establishes clear parameters for when the investigative ground can be invoked, requiring proper standing and evidence that unsecured creditors would benefit.
Cayman IslandsInsolvency/Bankruptcy/Re-Structuring
Conyers
Conyers
Article

Not A Rubber Stamp: Recent Lessons On Liquidators’ Powers In Cayman And Hong Kong

The Cayman and Hong Kong courts have delivered parallel rulings in Re Ourgame International Holdings Limited that fundamentally reshape how liquidators must approach applications for powers and cross-border recognition. These decisions establish that courts will scrutinize each requested power individually, requiring specific justification and evidence rather than granting blanket authority. What does this mean for practitioners seeking to make Cayman liquidations effective across multiple jurisdictions?
GlobalInsolvency/Bankruptcy/Re-Structuring
Conyers
Conyers
Article

Stablecoin Regulation 2026: Key Takeaways From Stablecoin Week And The Clarity Act Vote

The failure of the Digital Asset Market Clarity Act in the US Senate leaves cryptocurrency market participants navigating regulatory uncertainty, while major blockchain networks accelerate infrastructure development to integrate traditional banks onto stablecoin payment rails. Cross-border payments emerge as a dominant use case, with stablecoins offering faster, cheaper international settlements than correspondent banking, though compliance frameworks must evolve to match real-time transaction speeds.
Cayman IslandsFinance and Banking
Conyers
Conyers
Article

SGX Mainboard & Catalist Public Companies Report L H1 2026

Singapore's capital markets are experiencing a significant transformation driven by the MAS-led Equity Market Development Programme, which has injected S$6.5 billion in liquidity and sparked a revival in IPO activity. With over 20 companies preparing to go public and new cross-border listing infrastructure connecting SGX with Nasdaq, the market is showing signs of meaningful structural reform and growing institutional confidence.
SingaporeFinance and Banking
Conyers
Conyers
Article

BVI Annual Returns: Preparation For Upcoming Deadline – 30 September 2026

BVI companies must file annual returns containing balance sheets and income statements with their registered agents. Companies with a December 31 year-end face a September 30, 2026 deadline, while others must file within nine months of their financial year-end. Conyers offers preparation services starting at $1,500 for simple holding companies and provides secure online filing through their client portal.
British Virgin IslandsCorporate/Commercial Law
Conyers
Conyers