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High Court grants an order to confirm proposals made by an examiner for a scheme of arrangement in respect of a company, on the grounds that: (a) the proposals met the statutory requirement for such confirmation; (b) the majority of affected creditors supported the proposals; (c) the risk to stakeholders would be greater if there were a delay in consummating the restructuring of the company; and (d) while a related application before the courts of Delaware was not binding on the Irish courts, it had been decided on similar grounds.
Company law - application by Examiner to confirm proposals for a scheme of arrangement - appointment of Examiner on application of directors - ruling of court in Delaware - appeals pending - whether proposals would impair claims of creditors - whether accepted by creditors - whether fair and equitable - whether unfairly prejudicial to any interested party - section 541(3) of the Companies Act 2014 - representation - claim of over $3 billion - support of creditors - preservation of employment - financial creditors - general unsecured claims - opioid claims - parallel insolvency proceedings.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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