Cloud 9fin

The English courts have been called upon several times in the last few years to reevaulate what should be considered fair in Part 26A restructuring plans.

Within 2025, the Court of Appeal handed down two key decisions on distressed utility company Thames Water and upstream energy engineering firm Petrofac’s restructuring plans.

Those decisions, combined with another Court of Appeal decision handed down last year on German real estate group Adler’s restructuring plan, have reconfigured the approach to assessing whether a restructuring is fair.

There are now new tests for evaluating whether a restructuring plan is fair, and a focus on fair allocation and what contributions stakeholders are making to the restructuring, as well as what they get out.

To unpack recent trends in Part 26A restructuring plans and what the recent Court of Appeal decisions mean for the future of UK restructuring plans, 9fin’s Will Macadam sat down Kirkland & Ellis partners Kate Stephenson and Kon Asimacopoulos, and David Allison KC of South Square.

Creators and Guests

Producer
Chase Collum
Head of Podcasts for 9fin Limited

What is Cloud 9fin?

Leveraged finance, distressed debt, and private credit drive today’s markets. Cloud 9fin delivers expert insights on high-yield bonds, syndicated loans, direct lending, and debt restructuring. Join top analysts and investors as we explore credit markets, special situations, and private debt strategies shaping the industry.

From credit risk assessment to institutional credit trends, each episode provides actionable intelligence for fund managers, institutional investors, and financial professionals. Whether you’re tracking high-yield issuances, analyzing corporate debt, or uncovering distressed debt opportunities, we’ve got you covered.

Through its AI-powered data and analytics platform, 9fin provides everything you need to get your head around credit or win a mandate — all in one place. We help subscribers win business, outperform their peers and save time. Stay ahead in leveraged finance market trends—subscribe now for expert discussions on the forces moving global credit.