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Octus Radio Presents: Petrofac An Audio Breakdown Of a Legal Turning Point

Tanya Hubbard

Credit Markets
Distressed Debt
High Court Sanction Hearing
JV Liability Disputes
Part 26A
Petrofac
Restructuring Case Studies
UK Restructuring
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What happens when a restructuring plan doesn’t just save a company—but sidelines its rivals? This is precisely what occurred during the Petrofac restructuring under Part 26A.

That’s the central tension in the ongoing Petrofac case, where nearly $4 billion in JV liabilities, $800 million in bond debt, and $350 million in new capital collide in a single, high-stakes Part 26A restructuring.

In this new episode of Octus Radio, host Katie McMahon is joined by Chris Haffenden, Shan Qureshi, and Connor Lovell for a panel discussion that peels back the layers of this momentous case.

Petrofac’s plan seeks to equitize debt, dilute shareholders, and shed liabilities before they fully crystallize—especially those linked to its failed Thai Oil joint venture with Samsung and Saipem. But as those JV partners push back, the case has triggered debate about fairness, creditor rights, and the role of competition in restructuring law.

What we unpacked:

  • The relevant alternative debate: Is liquidation a better path for dissenting creditors?
  • The “no worse off” test: Can competitive harm count?
  • Fairness and restructuring surplus: Who gets the “jam”?
  • Legal precedents: What Petrofac could mean for future Part 26A plans

Whether you’re advising creditors, analyzing court rulings, or navigating your own deal—this episode breaks down what Petrofac tells us about the limits (and latitude) of the current legal playbook.

Not following the case? Catch up on courtroom developments with Katie’s in-depth write-up on the latest from the High Court.

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