Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494420
Creditor Consents: Key English Law Considerations 38 • Consent Fees: Azevedo v Imcopa Importação, Exportação e Indústria de Óleos Ltda [2012] EWHC 1849: Court of Appeal held that it was not inconsistent with English law for an issuer to offer a consent payment to holders who voted in favour of a resolution proposed for their consideration as a class, where the payment was available to all members of the class, and provided that the basis of the payment is made clear in the documents relating to the resolution, the meeting and the vote. • Exit Consents: • Assénagon Asset Management SA v Irish Bank Resolution Corp Ltd (formerly Anglo Irish Bank Corp CH) [2012] EWHC 2090 (Ch) • Redwood Master Fund, Ltd and Others v TD Bank Europe Limited and Others [2002] EWHC 2703 (Ch) While there is less English law jurisprudence on the topic of creditor consents and the U.S. can generally be considered more permissive, there are some important decisions that should be borne in mind in the context of any proposed priming transaction effected in accordance with English law debt documents (together with any necessary consents to amendments / waivers). It remains to be seen how this jurisprudence develops if and when further challenges to coercive exchange / A&E transactions are brought in the English courts. Liability Management and Refinancing Solutions in Europe