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Waldorf: English Court Approves Second Restructuring Plan, Despite HMRC Opposition
The English High Court has sanctioned the second restructuring plan proposed by Waldorf Production UK Plc, despite strong opposition from HMRC. The plan enables Harbour Energy’s $205 million acquisition of Waldorf’s North Sea assets, conditional on the restructuring extinguishing around $94 million of Energy Profits Levy liabilities, with HMRC receiving approximately 14% of its claim. 

The decision follows the court’s refusal to approve Waldorf’s first plan in August 2025, when concerns were raised about fairness and the treatment of dissenting creditors. In approving the revised plan, the court found that HMRC would be no worse off than in the likely alternative insolvency scenario and rejected arguments that the tax authority should have an effective veto over restructuring plans. 

The judgment is a significant development in UK restructuring law, clarifying the limits of HMRC’s influence and reinforcing the court’s willingness to use cross-class cram down powers where a plan is considered fair.

Read more at Kirkland & Ellis
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