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ARTICLE · 17 DECEMBER 2020

The PizzaExpress Restructuring Plan

Mayer Brown
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We have now seen the new restructuring plan under Part 26A Companies Act 2006 utilised twice to effect debt restructurings, mostly recently in the case of casual dining chain PizzaExpress...

United KingdomInsolvency/Bankruptcy/Re-Structuring
Devi Shah
Devi Shah
Christopher Street
Christopher Street
Angela Lai
Angela Lai
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Introduction

We have now seen the new restructuring plan under Part 26A Companies Act 2006 utilised twice to effect debt restructurings, mostly recently in the case of casual dining chain PizzaExpress, which used the procedure in order to restructure its financial obligations using a combination of debt-for-debt and debtfor-equity swaps, and which it completed on 7 November 2020. We consider below some of the key features of PizzaExpress's plan, including the emerging trend of using deeds of contribution in plans and schemes of arrangement in order to restructure debts incurred and guaranteed at multiple levels of a group's financing structure.

The restructuring plan

In our September briefing which can be found here as part of our UK Restructuring and Insolvency Law Reforms podcast series which can be found here, we outlined some of the key features of the new restructuring plan under Part 26A of the Companies Act 2006. These provisions came into force in June

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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