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Macfarlanes has advised Iguanas Holdings Limited, the operator of the Latin American-inspired ‘Las Iguanas’ restaurants, on its restructuring plan under Part 26A of the Companies Act 2006.
The restructuring plan has been sanctioned by the High Court and is the first to be sanctioned since the Court’s new Practice Statement on Schemes of Arrangement and Restructuring Plans came into effect at the start of this year.
The restructuring plan makes adjustments to certain of the company’s lease and business rates liabilities and facilitates the injection of new funding by The Big Table Group Limited, its parent company. This will provide the company with an opportunity to implement its turnaround strategy.
Restructuring and Insolvency Partner Paul Keddie said: “As the first restructuring plan sanctioned under the Court's new Practice Statement, this underscores the growing importance of Part 26A as a restructuring tool and the role it can play in preserving businesses in challenging market conditions."
The Macfarlanes team was led by Partner Paul Keddie with support from Senior Counsel Tim Bromley-White. Macfarlanes also worked closely with the company’s management team, Teneo (who acted as the company’s financial advisor and information agent) and Ryan Perkins of South Square (who acted as counsel).
Iguanas Holdings Limited’s restructuring plan is the fourth Part 26A restructuring plan that Macfarlanes has guided towards a successful sanction by the Court since the regime’s introduction in 2020.
Macfarlanes is a pre-eminent law firm advising a global client base across Private Capital, Private Wealth, M&A and Disputes.
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