"COMI Tourism" Alone Does Not Preclude Chapter 15 Enforcement of a UK Part 26A Restructuring Plan Containing Non-Debtor Releases and Exculpations

David Harding, Ben Larkin and the team at Jones Day discuss a US Bankruptcy Court decision recognising and enforcing two UK Part 26A restructuring plans involving a US-based corporate group, including non-debtor releases and exculpations, finding that the use of UK affiliates to access the English restructuring regime did not automatically preclude Chapter 15 relief, while emphasising the importance of creditor support, procedural fairness and a fact-specific assessment of COMI and creditor protections.

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