Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.

When a company takes a restructuring deal to the English courts, the most important consideration (bar a barrister) is certainty of implementation.

You have to imagine that, on the balance of probabilities, the proposals you’ve put forward are likely the most practicable restructuring solution — and that the person wearing a black and red robe will see it that way too.

But what if a group of creditors opposed to your restructuring proposals puts together a plan that, at least on paper, looks cheaper than your own? The truth is that no-one knows.