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Ella Richards

Lawyer
Ella Richards is a lawyer at A&O Shearman in London and is part of the firm’s Global Restructuring Group. Email: ella.richards@aoshearman.com

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Creative class composition: the hunt for the anchor class

The Restructuring Plan’s cross-class cram down tool gives distressed companies new opportunities to impose contested deals on dissenting stakeholders through creative composition of “cramming” or “anchor” classes. No one can be surprised that debtors are using the law to their advantage, but how far will the courts let them go in the hunt for such anchor classes?

27 JUN 2025