On 12 April, Mr. Justice Leech sanctioned the restructuring plan proposed by AGPS Bondco Plc, part of the Adler Group, a major German real estate group.
Milbank LLP, led by partners Jacquie Ingram, Yushan Ng and Mathias Eisen with support from associates Justine Erickson and Robert Kastl, worked closely with teams from Hengeler Mueller, led by Martin Tasma and Johannes Tieves, and Houlihan Lokey, led by Manuel Martinez-Fidalgo and Ulrich Graebner, advising a steering committee of unsecured noteholders on this groundbreaking case. The Adler restructuring plan represents a significant development of existing case law around restructuring plans under Part 26A of the Companies Act. The case dealt with a complex valuation challenge and novel issues of German law, including the validity of an issuer substitution clause under German-law bonds. The reasoned judgment is expected to be delivered in the coming days and is likely to substantially add to the growing body of case law for restructuring plans, cementing them as a vital tool in cross-border restructurings.
The steering committee was represented on the case by Felicity Toube KC and Henry Phillips of South Square. The company was advised by White & Case LLP (led by Charles Balmain, Ben Davies, John Rogerson and Christian Pilkington) and was represented by Daniel Bayfield KC, Ryan Perkins and Anabelle Wang of South Square.
This transaction has been shortlisted for the British Legal Awards’ “Corporate Team of the Year 2023” with the winners to be announced in November 2023.
