Davis Polk partner and co-head of global restructuring Damian Schaible, partners and co-leads of London restructuring practice Jifree Cader and Mark Knight, partner and head of international restructuring Tim Graulich, and partner David Schiff were featured in Global Turnaround discussing the UK’s Part 26A restructuring plan (RP) process and its growing use by companies with a strong U.S. presence. 

The article highlighted a recent opinion by Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York, which stated that UK RPs can be effective tools for delivering cost-effective, flexible solutions for U.S. groups and can preserve significant value for creditors compared to a chapter 11. 

“The Judge’s opinion is an important precedent for future debtors and practitioners seeking to use RPs to implement financial restructurings of corporate groups with significant U.S. presence,” Tim explained. 

Jifree also pointed to Judge Glenn’s discussion of the releases granted under the recent New Fortress Energy (NFE) restructuring plans, noting, “It was helpful to have the Judge acknowledge that the releases granted under the NFE RPs, which we would consider market standard in England, were not found to impede U.S. public policy and that the Purdue decision should not be automatically imported into Chapter 15.” 

Discussing the significance of the NFE restructuring plan for U.S. companies, Mark said, “Any well-advised U.S. NASDAQ-listed company should stop to consider the UK RP as part of its general toolkit when faced with financial difficulties. Whilst we have seen it only in respect of NASDAQ-listed companies so far, there is clearly scope for the same approach to be adopted by other exchanges too.”

David added that UK RPs are increasingly being favored over Chapter 11 in certain situations. “Restructuring through an RP and corresponding Chapter 15 case is becoming a more predictable and well-understood approach.”

Commenting on interest from U.S. market participants, Damian said, “It comes as no surprise to us that clients are interested in exploring UK plans as a tool for efficient restructurings. We were involved in some of the earliest RPs with significant U.S. nexus, and we have been helping clients consider the viability of U.K.-based restructurings for a long time, across a number of situations.”

This article was first published in Global Turnaround’s September 2026 issue.

“The English Plan attracts interest from the US, Mexico and Latin America,” Global Turnaround (September 18, 2026) 

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