The Hurricane restructuring plan was the first to seek to implement a debt-for-equity swap, the first to include a plan meeting of shareholders as a separate class, and the first plan in which the Court declined to exercise its new cross-class cram-down powers.

Acting as advisers to the company, the Dentons team comprised individuals from a broad range of departments, including Corporate, Debt Capital Markets, Energy, Insolvency and Restructuring. We are uniquely placed to share our insights on a court decision which has highlighted important considerations for future restructuring plans. In this article, we describe the background to the Hurricane Restructuring Plan, the Court’s decision at convening to order meetings of both bondholders and shareholders, and the subsequent decision to decline to sanction the scheme.