On 30 March 2022 the English High Court sanctioned a restructuring plan proposed by Smile Telecoms Holdings Limited pursuant to Part 26A of the Companies Act 2006. Greenberg Traurig, LLP advised the Super Senior Lender, 966 CO. S.à r.l. (966) which was the only member of the “in the money” voting class.
The case emphasizes that it is not enough for junior creditors to send letters to the court objecting to the RP and then expect the court to argue their case for them. In the words of Lord Justice Snowden, “they must stop shouting from the spectators’ seats and step up to the plate”. It also provides key guidance around requirements in relation to evidence provided to the court.