On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the "Scheme"). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new ground in relation to an "amend and extend" scheme in early 2014 when it established sufficient connection to England off the back of a change in governing law. Second, the Scheme was aggressively opposed and its sanction by the High Court was appealed to the Court of Appeal (although ultimately the appeal was withdrawn).
It is unusual that a scheme is challenged, largely because companies are hesitant to launch a scheme process in the face of known opposition. The absence of creditor challenge has meant that the terms of schemes are rarely tested to such an extent. Below we consider the key issues examined by the Court in this case.
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