Enzen in Landmark Restructuring with HMRC's Support

Paul Hastings LLP advised the senior secured lenders and shareholders in the restructuring of Enzen Global Limited and Enzen Limited. This restructuring, finalized on April 1, 2025, represents a significant milestone as it was the first time a restructuring plan secured the vote and active support of HMRC, despite the impairment of HMRC's preferential debt. This groundbreaking endorsement marks a pivotal policy shift, positioning the restructuring as an exemplar of innovative financial strategy. The restructuring was achieved through interconditional Part 26A restructuring plans, which received sanction from the U.K. High Court, highlighting the intricacy and legal sophistication of the proceedings. Led by Jessica Ling, the Paul Hastings team brought together expertise from various legal domains, ensuring a comprehensive approach to the restructuring process. This case sets a precedent for future restructuring deals involving public entities and preferential debts, illustrating a new collaborative path forward in corporate financial restructuring.