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Email On 23 January the Court of Appeal unanimously overturned the High Court’s decision to sanction Adler’s restructuring plan, following a successful challenge from an ad hoc committee of noteholders (the AHG). The judgment is the first time a Part 26A restructuring plan has been considered by the Court of Appeal since the introduction of the provision in 2020. Part 26A restructuring plans empower an English Court to order a compromise or arrangement of debt obligations, even if there is one or more dissenting class of creditors (a power referred to as "cross-class cram-down"). The Court may do this if (inter alia) it is satisfied that none of the members of the dissenting class or classes would be any “worse off” than they would be were the restructuring plan not to be sanctioned by the Court. https://www.cadwalader.com/resources/clients-friends-memos/the-court-of-appeal-judgment-in-the-adler-restructuring-plan-pari-passu-is-back-