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Entirely unco-operative, Part 2: if an LME becomes a Restructuring Plan will anti-co-ops limit the Plan’s likelihood of approval or fracture the class?
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This article is the second part of ‘Entire agreement clauses: entirely unco-operative to void co-ops? Part 1’ published in June’s edition of JIBFL (2026) 6 JIBFL 398. It looks at whether co-operation agreement lenders get less than they hoped for if a liability management exercise morphs into a formal restructuring plan before an English court. Will the putative anti-pro rata sharing implied by a co-operation agreement (to the extent it is detrimental to non-participating creditors) doom the approval of the plan to failure for impinging on the pari passu principle? Will the borrower’s use of anti-cooperation agreement provisions help or hurt the chances of plan confirmation or result in fracturing a creditor class where certain creditors have been disenfranchised by such provisions?
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