Restructuring Plans And Chapter 11: A Transatlantic Perspective
When the Corporate Insolvency and Governance Act 2020 (CIGA) introduced the restructuring plan in England, comparisons with plans of reorganization under chapter 11 of the United States Bankruptcy Code (U.S. Bankruptcy Code) were inevitable.
A rundown of the similarities between the two processes is easy: both are court-sanctioned and based on classes, with the ability to compromise claims and/or interests held by secured creditors, unsecured creditors and equity holders (including through cross-class cram down). In […]