International Restructuring Tools: Navigating Restructuring with the new UK Restructuring Plan
The Covid-19 pandemic has brought considerable financial challenges to companies across a broad range of industry sectors including the maritime sector and, in particular, the cruise, ferry and offshore sectors.
Distressed companies will need to consider their restructuring options early in order to maximize value for their stakeholders and avoid the spectre of insolvency. The UK has a very effective restructuring toolkit that can assist both non-UK as well as UK companies. In particular, the recent addition of a supercharged Scheme of Arrangement process — the so-called new Restructuring Plan — introduced under the Corporate Insolvency and Governance Act 2020, is expected to be a game-changer that will sit alongside the English Scheme of Arrangement and the US Chapter 11 as one of the international restructuring tools of choice.
To read the full article on the latest addition to the toolkit, please click here.
This article was originally published by Marine Money in their latest edition: Volume 36, Issue 5, 'Let’s Make a Deal – Pandemic Style 2020 in Review'.