Caffe Nero Beats Landlord's Challenge To Restructuring

By Joanne Faulkner (September 29, 2021, 1:55 PM BST) -- A judge dismissed a landlord-backed challenge to the restructuring of Caffe Nero on Wednesday after finding that there was no clear route for postponing an electronic vote on the plan amid an eleventh-hour takeover bid for the coffee chain.

Judge Michael Green dismissed landlord Ronald Young's claim at the High Court that Nero Holdings Ltd.'s company voluntary arrangement, or CVA, contained material irregularities and was unfair to creditors. The plan involved slashing rents and amending service charges and insurance owed to the company's landlords.

Judge Green said that supervisors of the CVA proposal took a "strong and rational" decision not to...

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