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IMO Car Wash restructuring eUpdate
Last week there was significant focus on the outcome of the IMO Car Wash restructuring. The restructuring involved a scheme of arrangement and the necessary court hearings, which were contested, provided an insight to the court's view of a number of key aspects of restructurings under English Law.
IMO Car Wash was insolvent and had to agree a
restructuring or commence insolvency proceedings. It had £313m of
senior debt and £119m of mezzanine debt. In court, the senior
lenders argued that the value of IMO would not exceed £256m and the
mezzanine lenders argued that a median value was approximately
£385m.
Please click here to view the full eUpdate.
19 August 2009
