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Assénagon Asset Management SA v. Irish Bank Resolution Corporation Ltd.
British High Court of Justice, Chancery Division
EWHC 2090 (2012)
Irish Bank Resolution Corporation Ltd., formerly Anglo Irish Bank Corporation Ltd. (the bank) (defendant), issued bonds set to mature in 2017 (the 2017 bonds). The bank experienced a liquidity crisis, leading to the intervention of the Irish government and eventually a voluntary restructuring of debt. One stage of this restructuring plan was an exchange offer in which holders of the 2017 bonds could choose to receive new bonds on different terms. However, the bondholders who accepted the exchange would also commit themselves to vote at a bondholders’ meeting in favor of a resolution that would drastically reduce the exchange value available to the remaining minority of bondholders—a practice known as exit consent. A majority of holders of the 2017 bonds accepted the exchange offer, and votes were cast accordingly. Assénagon Asset Management (Assénagon) SA (plaintiff), which held 2017 bonds but did not consent to the offer, brought suit against the bank in the British High Court of Justice.
Rule of Law
Holding and Reasoning (Briggs, J.)
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