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Virgin Active, Hurricane Energy and the future of the cross-class cramdown

In this alert, we look at the recent Virgin Active and Hurricane Energy restructuring plans. Stakeholders should continue to see the restructuring plan as an important tool for the implementation of complex restructurings.

The UK restructuring plan was introduced in June 2020 as part of the sweeping changes made to the insolvency and restructuring landscape by the Corporate Insolvency and Governance Act 2020 (see our summary bulletin here).

We are seeing the new plan used in practice. Allen & Overy is extremely proud to have advised Virgin Atlantic Airways on the first-ever successful restructuring plan and Virgin Active on one of the earliest successful cross-class cramdown restructuring plans.

Please get in touch with any of the contacts listed should you have any questions.