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Transatlantic restructurings: two avenues to restructure US high-yield debt

Madlyn Gleich Primoff, Alexander Adams Rich and Catherine Balmond

Freshfields Bruckhaus Deringer US LLP, New York and Freshfields Bruckhaus Deringer LLP, London

Tuesday 03 December 2019

Transatlantic companies with high-yield, US-law governed debt, face a unique challenge in achieving balance sheet restructurings; any restructuring must usually be enforceable against creditors in at least two jurisdictions. This article explores two avenues for transatlantic companies to successfully restructure their debt. The first is a prepackaged Chapter 11 plan, under the United States Bankruptcy Code, which may even be a ‘speedy prepack’. The second is a UK scheme of arrangement (a ‘Scheme’) filed under the Companies Act 2006 of England and Wales, coupled with recognition under Chapter 15 of the US Bankruptcy Code, to render the scheme enforceable against US creditors.

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