In a seminal judgment of the Court of Appeal of England and
Wales in the case of In the Matter of AGPS Bondco
plc (Adler), the Court of Appeal overturned the first
instance judgment of the High Court of England and Wales
sanctioning a restructuring plan between AGPS Bondco plc (Plan
Company) and its creditors. In doing so, it restated and clarified
the law in England and Wales insofar as it relates to restructuring
plans. Post-Adler, the High Court has sanctioned a restructuring
plan in the case of In the Matter of Project Lietzenburger
Straße Holdco S.A.R.L. (commonly known as the Fürst
case), in which Adler was cited, and others may well follow
shortly.
The facts
Briefly stated, the proposed restructuring plan (which was
sanctioned at the first instance by the High Court) would have seen
the Plan Company amending its indebtedness arising under a series
of six senior unsecured notes (SUN) governed by German law, divided
into six classes for the purposes of voting
