White & Case
Cortefiel—The Use of Schemes of Arrangement for 'Amend & Extends'

November 2012
Christian Pilkington, Jacqueline Evans, Gavin McLean, Joshua Parbhu, Hayley Mitchinson


The recent case of Cortefiel SA, a leading Spanish high street clothing retailer, has demonstrated the possibility of amending and extending a company’s obligations under its finance documents by way of an English law scheme of arrangement.

In this article we examine: 

  • the potential use of schemes as a tool for amend and extend proposals in light of the Cortefiel decision; and
  • the implications for collateralised loan obligation vehicles and likely grounds for challenge.

This article follows our recent seminar "Amend & Extend: Schemes of Arrangement" as part of our Bank Finance and Restructuring Seminar Series.

To download the article click here.

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