Law firm Shoosmiths has successfully advised Madagascar Oil, a leading onshore oil producer in Madagascar, in a precedent-setting restructuring plan involving a cross-border upstream oil & gas group with entities in Mauritius and Madagascar.
The matter centred on a high-stakes dispute between two key lenders making this the first known instance of a “one versus one” restructuring plan used to resolve a stand-off.
The Shoosmiths team devised an innovative legal strategy, leveraging the UK’s restructuring plan regime in a novel way, including the first comprehensive use of a tightly case-managed Court process. The plan was contested vigorously in court, but Shoosmiths secured a comprehensive win on all points in June 2025. The judgment, handed down today, is expected to reshape market practice and influence future restructuring cases.
The matter was led by Lee Sennett (Partner, Corporate Restructuring and Advisory), with Hayley Çapani (Legal Director) overseeing the contentious aspects. They were supported by a cross-departmental team comprising Lucy Sanderson (Senior Associate), Yasmin King (Associate), Charles Williams (Legal Director), Aadil Qureshi (Associate), and Maddie Fretwell (Trainee Solicitor) from the CR&A team, alongside Anna Robson (Partner) and Kat Raanan (Senior Associate) from the Banking team.
Shoosmiths worked closely with Mark Phillips KC, Matthew Abraham and Rabin Kok from South Square, and drew on the expertise of financial advisors from Grant Thornton, with Andrew Charters (Partner) and Stephanie Baker (Director), as well as FRP Advisory, with Phil Reynolds (Partner) and Greg Carr (Director) . This multidisciplinary collaboration ensured a robust and coordinated approach throughout the matter.
“This was a complex and sensitive matter, and we’re pleased to have supported Madagascar Oil in navigating it successfully. We’re looking forward to seeing the business move forward with its planned growth,” said Lee Sennett and Hayley Çapani. “Our focus was on delivering a solution that met the client’s commercial objectives while also helping to shape the evolving restructuring landscape. The close case management by the Court really helped with achieving this aim”
This success reinforces Shoosmiths’ reputation for delivering commercially focused solutions in complex and contentious restructuring scenarios. It adds to the firm’s growing portfolio of innovative restructuring plans, which are increasingly being used to unlock value and resolve disputes. The judgment reflects a judicial shift toward limiting the influence of out-of-the-money creditor objections, and Shoosmiths’ ability to secure approval despite a contested creditor class highlights the CR&A team’s strategic use of cross-class cram down mechanisms.
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