Attorneys at Greenberg Traurig examine how a U.K. Part 26A restructuring plan can allow a distressed company to retain its NASDAQ listing, offering an alternative to U.S. Chapter 11 with key differences in jurisdiction and releases.
When a U.S.-based financial adviser, turnaround expert, or chief restructuring officer is parachuted into a new special situations mandate for a NASDAQ-listed company, an English restructuring plan under Part 26A of the UK Companies Act 2006 (Restructuring Plan) is unlikely to feature prominently among week-one considerations, if it features at all.
However, maintaining the NASDAQ listing (and the access to the capital markets that it provides) against a background of financial distress is a key consideration when it comes to the preservation of stakeholder value. Indeed, the question of how that might be achieved should rank highly on that list.
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Greenberg Traurig's John Houghton, David R. Eastlake, Rupert Cheetham, and Adam D. Potter co-authored "Retention of NASDAQ Listing Via English Part 26A Restructuring Plan" for Thomson Reuters Westlaw.
Read "Retention of NASDAQ Listing Via English Part 26A Restructuring Plan" on the Westlaw Today website.
Read "Retention of NASDAQ Listing Via English Part 26A Restructuring Plan" on the Westlaw Advantage website. (subscription)