English Schemes of Arrangement: Points to Note From a Recent Example

Cleary Gottlieb recently represented a public company incorporated in Russia, and certain of its affiliates, in their restructuring of over USD 1 billion of debt.

Part of the restructuring involved the negotiation of a compromise which was implemented by way of an English law scheme of arrangement. This memorandum provides further detail on some of the key issues that the English Court might consider when determining whether to approve a scheme of arrangement in respect of non-UK company.