CR-2025-001156 - [2025] EWHC 2129 (Ch)

The leading authorities on the exercise of the class cram-down power are Re AGPS Bondco plc [2024] Bus LR 745 (CA) (at [115] et seq.) (Adler), Re Thames Water Utilities Holdings Ltd [2025] EWCA Civ 475 (at [99] et seq.) and, most recently, Saipem (at [79] et seq. - ‘no worse off’ test (relevance of indirect benefits) and at [106] et seq. – fair allocation of restructuring benefits). I refer to these cases not for the conclusions on the different facts (and plans) presented rather than as recent and authoritative guidance on matters of principle arising in this case too, particularly on the question of fairness of the Plan. As they all make clear, Part 26A is a developing jurisdiction in which the approach to be adopted to sanctioning a plan is to be developed on a case-by-case basis.