Adler AHG Appeal Permission Refused; Court of Appeal Unlikely to Provide ‘Crib Sheet’ to Guide Discretion to Cramdown; AHG Says Plan Jurisdiction Is ‘Blank Canvas’

Relevant Documents:
Adler PTA Skeleton
Sanction Judgment

Justice Thomas Leech has refused an application for permission to appeal his judgment sanctioning Adler Group's English restructuring plan following a short hearing this morning. The judge was unconvinced that the grounds submitted by the ad hoc group of 2029 noteholders had a realistic prospect of success before the Court of Appeal. The appeal mostly raised questions about how the court should approach its discretion to cram down...