Restructuring Plans · glossary
What would most likely happen to the company without the plan. The court decides it, on the evidence. For Valkenrade it is the bankruptcy of the group, where the bank and the noteholders each get €30 for every €100. Explanatory Statement, paragraph 3.1 · Chapter 7 · see No worse off test
Explained in Chapter 7, The Relevant Alternative and the No Worse Off Test, of Restructuring Plans.
The answer is the relevant alternative. For Valkenrade, it is the bankruptcy of the group. The court then applies the no worse off test. No creditor in the class that said no may end up worse off under the plan than without it.Read Chapter 7, The Relevant Alternative and the No Worse Off Test →
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