Ropes & Gray Shares Perspective on Fossil’s “London Two Step” and the Appeal of Similar Restructuring Plans

Ropes & Gray partners Sam Badawi and Matthew Czyzyk recently discussed Fossil’s cross‑border approach, a U.K. restructuring plan paired with Chapter 15 recognition, and why this framework is gaining traction for addressing dispersed creditor bases, holdout risk, and near‑term maturities. The team represented the holders of the majority of notes in Fossil’s restructuring.

In the recent Octus article, the group highlighted how the 75%-by-value voting threshold and rigorous fairness review of the U.K. plan can deliver swift, court‑sanctioned outcomes while preserving equal access to participation rights.

From execution to market implications the Ropes & Gray team led a streamlined transaction for a maturity extension without wholesale capital‑structure disruption. The partners’ takeaways point to a pragmatic approach that establishes a U.K. nexus, keeps economics available to all holders on equal terms, and uses the U.K. plan to neutralize holdouts, offering a template to augment traditional U.S. liability management exercises.