The evolution of the English RP continues to push the jurisdictional envelope.
The English court’s sanction of the Sino-Ocean restructuring plan (RP) marks an interesting development in the evolution of the English RP. The court permitted the cramdown of English law-governed liabilities by a class of pari passu creditors whose debts were not English law-governed, while allowing the existing shareholders to retain a material shareholding. This may become a model for heavily indebted PRC property groups wishing to restructure their English law debts, including in situations when it is commercially justifiable for state-owned enterprises (SOEs) to remain as significant shareholders
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