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Ocean Group creditors committee: an alternative debt restructuring plan has been formulated and written support from creditors is requested
On December 17, Golden Ten Data learned from creditors that recently, the group of overseas creditors of Sino-Ocean Group held a conference call, and said in the meeting that the group had formulated an alternative, and the group called on creditors to support the alternative in writing. Linklaters, the Panel's legal adviser, said the alternative aims to achieve a fairer distribution of consideration between shareholders and creditors. This would show the English courts that even if the assumptions and main principles of the FTI report submitted by the company were adopted, there was a practical and fairer alternative restructuring that could be put into practice or used as a basis for constructive dialogue with the company. The Panel also emphasised that the alternative was practical and fairer, suggesting that the company could not pass the "will not fall into a worse position" test, and therefore the court could not use the cross-class forcible approval power to approve the restructuring plan.