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Schemes of Arrangement in Corporate Restructuring 2nd ed

ISBN13: 9780414056954
Previous Edition ISBN: 9780414026766
Published: July 2017
Publisher: Sweet & Maxwell Ltd
Country of Publication: UK
Format: Hardback
Price: £279.00

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Schemes of Arrangement in Corporate Restructuring provides in-depth guidance on the legal principles, formal procedures and practical issues which underpin the use of schemes of arrangements in complex financial restructurings.

The expert author team at White & Case, under Christian Pilkington, cover the subject in full, taking in its development and the fundamental principles of its use as a restructuring tool, alongside key subjects such as jurisdiction, class composition issues and foreign recognition.

Practical in its focus, the book provides not only diagrams and flowcharts which summarise complex processes but also case studies to illustrate different types of schemes of arrangement and explain some of the most high-profile international restructurings of recent years.

The English law scheme of arrangement is now an established tool of choice for those engaged in complex financial restructurings, in particular where a consensual solution between all of the company’s creditors is not possible.  The use or the threat of the use, of a UK scheme has featured in the restructuring of the borrowings of many major European corporates over the last decade, and is a theme which looks set to continue.

Schemes have become instrumental in the restructuring of overseas-incorporated companies, as they have come to be viewed as more efficient and “user-friendly” than the available local law alternatives.

The 2nd edition:-

  • Explains the different types of restructuring schemes available
  • Features extensive analysis, precedent material and detailed case studies of schemes in operation
  • Deals with the complex cross-border and jurisdictional issues facing practitioners
  • Includes analysis of all key cases since publication of the 1st edition in 2013 and evaluates recent trends in scheme jurisprudence
  • Considers the potential impact of Brexit on the use of schemes in international restructurings
  • Provides a comparative analysis with similar “cram-down” procedures in other jurisdictions
New to the 2nd edition:

The extensive new features, updates and improvements in the second edition of Schemes of Arrangement in Corporate Restructuring include:-

  • New chapters on:
    • Issues Specific to Listed Companies
    • Tax Considerations
    • Schemes Involving Distributions of Securities
  • Analysis of the recent decisions of Snowden J in this area and the trend towards increased judicial scrutiny of restructuring schemes.
  • A review of the far-reaching developments in the case law on jurisdiction for schemes of non-UK companies.
  • New case studies on the groundbreaking schemes of APCOA, Codere and New World Resources.
  • An assessment of the potential impact of Brexit on the use of the UK scheme as a restructuring tool for European corporate borrowers.
  • A summary comparison of the UK scheme of arrangement with equivalent “cram-down” procedures in other jurisdictions.
The new 2nd edition of Schemes of Arrangement in Corporate Restructuring is an in-depth and practical text, meaning the answers you require are easily found and applied to your everyday tasks.

The expertise of the authors ensures that even the most complex aspects of the subject are confidently navigated. It is the indispensable guide to schemes in corporate restructuring.

Insolvency Law
History and Development of Schemes
Advantages and Types of Schemes
Fundamental Principles, Key Considerations and Process
Class Issues
Scheme Creditor Meetings
Bondholder Voting Issues
The Sanction Hearing and Valuation Issues
Third Party Releases
Recognition Issues
Issues Specific to Listed Companies
Tax Considerations
Schemes Involving Distributions of Securities

Annex 1 “Centre of Main Interests” and Related Issues
Annex 2 Transfer Scheme Case Study 1: Wind Hellas
Annex 3 Transfer Scheme Case Study 2: IMO Car Wash 
Annex 4 Cram Down Case Study 1: Primacom
Annex 5 Cram Down Case Study 2: La Seda de Barcelona
Annex 6 Jurisdiction Case Study 1: APCOA
Annex 7 Jurisdiction Case Study 2: Codere
Annex 8 Toggle Scheme Case Study: New World Resources
Annex 9 Schemes of Arrangement: International Comparisons