INTERNATIONAL RESTRUCTURING TOOLS: NAVIGATING RESTRUCTURING WITH THE NEW UK RESTRUCTURING PLAN

摘要

The Restructuring Plan is aflexible restructuring tool,designed to provide for innovativeand commercial restructuringsolutions which can beimplemented expeditiously andmaximise value for stakeholders.It will be important forfinancially distressed companiesconsidering their restructuringoptions to consider the RestructuringPlan as, in many circumstances,it will likely be cheaperand quicker to implement thanother international restructuringtools such as the USChapter 11. The RestructuringPlan is also able to provide forgreater flexibility in craftingappropriate restructuring solutionsthan the US Chapter 11restructuring procedure as itdoes not require support froman impaired stakeholder class orfor a senior class of impairedcreditors to be satisfied in fullbefore a more junior class canderive a benefit from the plan -the so-called US “AbsolutePriority Rule.”