Petrofac Court of Appeal (CoA) judgment of 1 July 2025 [2025] EWCA Civ 821

Abstract

Petrofac is the most recent RP CoA judgment in the trilogy that started with Adler on 23 January 2024, followed by Thames Water on 15 April 2025. Misconceptions in UK practice are exposed, and clarifications are given on fair allocation of benefits preserved or generated by the restructuring, the position of “out-of-the-money” creditors and the rationale behind the cross-class cram down in UK RPs.