The ATU Restructuring and the Judgement of the English Courts: Novel Techniques for Restructuring European High Yield

Sullivan & Cromwell LLP - 2 May 2014

The restructuring of the ATU group as a European high yield issuer (pursuant to which the ownership of the group was transferred to its senior noteholders) provides a useful insight into how the next generation of European high yield issuers could potentially be restructured using English insolvency law and procedure. The restructuring was approved by Mr. Justice Henderson in the High Court on 15th April 2014 and his judgement makes interesting reading and provides a number of useful learning points that are likely to assist those undertaking similar European high yield restructurings in Europe.