High court upholds process for solvent schemes of arrangement
The English High Court has upheld a challenge to the voting process for solvent Schemes of Arrangement proposed by a group of 16 insurance companies that underwrote insurance and reinsurance business in pooling arrangements known as the WFUM Pools. In the Matter of Sovereign Marine & General Ins. Co., et al. The challenge was brought by thirteen US policy holders, including Goodrich Corporation, Textron Inc., Sears Holdings Corporation, Exxon Mobil Corporation, and their affiliated companies, which were represented by the international law firm of Covington & Burling.
The Opposing Creditors objected to the proposed Scheme on the ground that Scheme creditors with existing liabilities and outstanding claims have different rights from Scheme creditors with contingentOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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