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On 21 April 2023, Mr Justice Leech gave his written reasons for sanctioning the Adler Group’s novel and ground-breaking English restructuring plan following a fully contested hearing and cross-examination of witnesses. It is the most significant decision involving a restructuring plan since Virgin Active and was opposed by an ad hoc group of holders of 2029 Notes (the “AHG”). In a lengthy judgment, the Court provided vital insight into its approach to use of its cross-class cram-down power and the circumstances in which a plan can afford differential treatment to otherwise pari passu creditors.