As market participants will know, the appeal in the Apcoa II scheme of arrangement settled just before Christmas. While welcome for the players involved, it deprived the market of the clarity of a Court of Appeal judgment on many scheme issues such as jurisdiction, the imposition of new obligations and class composition. In the absence of the Court of Appeal’s review, we offer our own reflection on the current state of key issues arising on schemes of arrangement in financial restructurings.
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