In early March 2024, a restructuring plan proposed by a subsidiary of Germany-focused real estate business Aggregate Holdings SA, which was vehemently opposed by subordinated creditors, was sanctioned by the English High Court. The presiding judge initially refused to sanction the plan at the first attempt, finding that the court did not have jurisdiction to sanction the plan in its original form. He, however, set the stage for a new creditor meeting to be held at very short notice, from which the dissenting creditor classes were be excluded, followed by a further sanction hearing a few days later, in which this time a slightly amended version of the plan was sanctioned.

As restructuring advisors take stock of the landmark decision of the English Court of Appeal in the all-famous Adler matter, the Aggregate Holdings case provides valuable guidance for future restructuring plans.

David Manson, London-based partner at DLA Piper's restructuring practice, sat down with Debtwire to discuss the most important takeaways from the case. A veteran of London’s restructuring landscape, David has led the DLA team that advised the company on its eventful debt restructuring. David advises stakeholders across the capital structure in workout negotiations, liability management transactions, special situations opportunities, and complex UK and cross border restructurings.