Authors: Rebecca Jarvis, Damien Gomez, Matthew Harding, Nick Le Masurier, Paul Sidle

What do the New Look, Regis and Virgin Active decisions mean for future restructurings?

In a significant decision, the High Court rejected the challenge brought by certain landlords against the company’s CVA in New Look. It later sanctioned the company’s Part 26A restructuring plan in Virgin Active using the procedure’s cross-class cram down power, again in the face of a group of dissenting landlords. Then came the Regis CVA challenge where this time landlords succeeded in revoking the CVA (which had already terminated) on a finding of unfair prejudice. 

As these decisions are to send ripples across the restructuring market, our R&I team give their combined views.