The approval of a restructuring scheme for IMO Carwash that
favours senior lenders has been declared a precedent for junior
lenders to fear. But the real point of the verdict is the
valuation.The decision hinged on whether the restructuring
should be organised according to the companys value
today, or, as the mezzanine lenders argued, on its potential
future value.The judgement was clear, said Bruce
Bell, a restructuring partner at Linklaters in London.