Cortefiel—The Use of Schemes of Arrangement for 'Amend & Extends'
, Jacqueline Evans
, Gavin McLean
, Zeeshan A. Ahmedani
, 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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