Milbank LLP advised a steering committee of bondholders (“SteerCo”) and the bond trustee in connection with a restructuring plan proposed by Waldorf Production UK plc (“WPUK”), which was today sanctioned by the High Court of England and Wales (the “Restructuring Plan”).
The Restructuring Plan was approved following a three-day sanction hearing, which took place April 15-17, 2026, before Mr Justice Michael Green and was contested by His Majesty’s Revenue and Customs (“HMRC”) in its capacity as a dissenting creditor of WPUK. The sanction hearing also included submissions and cross-examination made on behalf of the SteerCo in support of the Restructuring Plan, which are cited with approval in the judgment, by Matthew Abraham who Milbank instructed in these proceedings alongside Tom Smith KC. A link to the judgment can be found here.
The Restructuring Plan forms part of a broader restructuring intended to deliver a sale of the Waldorf Production Group to a subsidiary of Harbour Energy plc (the “Transaction”). Implementation of the Transaction remains ongoing, including in respect of a separate restructuring plan proposed by Waldorf CNS(I) Limited (which was sanctioned today by the Court of Session in Scotland, pending hand down of a written judgment), and pending any appeal of the sanction of the Restructuring Plan by HMRC.
The Milbank team was led by Financial Restructuring partners Nicholas Dunstone and Yushan Ng and associate Ollie Winters, and Litigation & Arbitration partner Mona Vaswani and associates Conrad Marinkovic and George Widdicombe.
