UK:
Smile Telecoms' Restructuring Plans Considered At UK High Court Hearing: Questions Of Valuation And Exclusion Of Out-Of-The-Money Creditors
31 March 2022
Morrison & Foerster LLP
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On 10 March 2022, the UK High Court held the adjourned sanction
hearing regarding Smile Telecoms Holdings Limited's
("Smile") second proposed restructuring plan. Despite
Smile Telecoms' first restructuring plan being sanctioned by
the UK High Court back in March 2021, the African
telecommunications company still faced liquidity shortages. This
prompted the company to propose a second restructuring plan under
Part 26A of the UK Companies Act 2006 (the "Companies
Act"). The second restructuring plan would see the Smile
Telecoms' group senior secured lender, 966 CO S.a. r.l.
("966"), provide additional secured funding of $35.6m and
obtain all of the group's economic and voting rights, to
facilitate a controlled sales process. Previously, 966 had provided
additional liquidity of $63m under the terms of the first
restructuring plan.
Read the
full blog post.
Originally published by Restructuring Round Uo
Because of the generality of this update, the information
provided herein may not be applicable in all situations and should
not be acted upon without specific legal advice based on particular
situations.
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