May 14, 2024
Restructuring Plans: A surety cram down tool?
Gateley Legal
- Time: 9 a.m. - 9:30 a.m.
- Update / Virtual
In this webinar, Stuart Tait and Mahnvir Singh will give an overview of the operation of Restructuring Plans, consider the potential implications for sureties and the options for sureties to protect their interests when an indemnitor group seeks to utilise a Restructuring Plan.
Since its introduction in 2020, the UK Restructuring Plan has seen increasing use in addressing companies in financial distress, both based in the UK and internationally.
The recent Plan implemented by engineering company, McDermott, became the first to compromise contingent creditors (including some sureties) as a distinct class. Given high levels of distress in the construction sector, it is possible that further Restructuring Plans may follow that will impact sureties.
