Clifford Chance

Liability Management: Exit Consents and Oppression of the Minority

31 July 2012

In a significant recent judgment, the English Court has analysed the legal basis for the "exit consent" technique that has formed an important part of recent liability management exercises and provided a timely reminder that the English courts will not uphold structures that seek to impose unfair or punitive outcomes on dissenting or non-participating Noteholders.

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