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After hearing submissions regarding the proposed basis for restructuring Hurricane Energy plc (the Plan) and the specific needs of shareholders and different groups of creditors, in particular unsecured bondholders (the Bondholders), the court held that the proposed Plan made under Part 26A could progress and gave further directions to enable a meeting of the Bondholders to be convened and a meeting of shareholders to be convened.

This case will be important to many unsecured creditors as well as boards of directors, in a similar position, who are considering complex restructuring proposals under Part 26A made by external advisers and the impact on various stakeholders and how meetings of sub groups of creditors should be convened so the proposals can be discussed appropriately as well as how shareholders’ meetings should be convened in parallel.

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This article was first published by Lexis®PSL on 2 June 2021.

Authored by Dipti Hunter, Partner.