- Classes – turnover agreement was between creditors and not with the company, so neither it nor lock up changed rights being compromised
- Even if it had, judge found that rights were not so dissimilar – judge considered at a high level what FMS would suffer on liquidation compared with turnover and found that this would cause all reasonable senior lenders to “unite in a common cause”
- New Obligations – although not decided, concern raised by judge about ability of scheme to impose new obligations to indemnify new guarantees, at least directly. New obligation therefore deleted from scheme prior to sanction
- Stay provisons – scheme provisions preventing senior lenders taking action overseas deleted prior to sanction. FMS therefore free to commence actions in Germany
- Court confirmed jurisdiction over overseas companies and effect of law change to establish sufficient connection
- Court of Appeal has granted leave to appeal, to be heard in December.
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