Slaughter and May is advising a steering committee of landlords in relation to the Arcadia restructuring
Slaughter and May, together with PJT Partners, is advising an informal steering committee of landlords in relation to the restructuring of the Arcadia group through a series of company voluntary arrangements (“CVAs”). This is the first time landlords have coordinated to negotiate the terms of a CVA.
This innovative approach to landlord coordination at an early stage in the CVA process resulted in alterations to many of the terms of both the CVAs and the wider restructuring. This, in turn, produced a fairer outcome for all landlords and stakeholders which, ultimately, landlords were prepared to support at a reconvened creditors’ meeting held on 12 June 2019, resulting in all the CVAs passing.