Has the Texas Two-Step Become the Thames Two-Step?

Sonya Van de Graaff and Robert Honeywell of K&L Gates analyse a landmark case in which a US company with no prior UK nexus used a Part 26A restructuring plan, coupled with Chapter 15 recognition, to restructure New York law debt, raising questions for UK practitioners about forum shopping, third-party releases and whether this cross-border strategy signals the emergence of a so-called “Thames Two-Step” as an alternative to Chapter 11.

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