Spanish gaming company Codere proposed an English scheme of arrangement to restructure over €800 million in existing note debt. As a part of the scheme, Codere agreed to pay fees and provide benefits to an ad hoc sub-committee of noteholders that were not available to all noteholders. The High Court held that those fees and benefits were not so material as to fracture the single voting class of noteholders. Re Codere Finance 2 (UK) Limited)  EWHC 2441 (Ch) and  EWHC 2683 (Ch).
The court also considered Codere’s incorporation of a new English subsidiary and the assumption by … Continue Reading