On 27 August 2025, the High Court of England and Wales held a hearing on EMIS’s application for an injunction in connection with ICU’s attempt to appoint a new trustee (GLAS) for the Series 26 and 31 Notes. EMIS’ position is that ICU has acted in breach of the established procedures for doing so, as set out in the contractual documentation.
At the hearing, Mr Justice Bryan appeared minded to grant the relief sought by EMIS and delivered several important observations in support of EMIS’ position. In particular, he expressed the view that the contractual documents ought to be interpreted at the date of their execution. This, in EMIS’ opinion, directly undermines ICU’s arguments and demonstrates the weakness of their position.
Amid strong indications that the hearing would proceed in EMIS’ favour, ICU and GLAS were forced to retreat and agreed to extend the undertakings previously given, which prohibit ICU from instructing GLAS to take any external steps until the hearing of the substantive claim, and GLAS from taking any such steps. ICU’s attempt to convey that it would be deprived of the ability to take certain actions if the injunction was granted also found no support from the Court, which noted that ICU had already had more than sufficient time to take any steps it wished.
It is important to note that ICU initially advanced extensive and exaggerated financial demands against EMIS for security, but in the end unconditionally accepted the terms proposed by EMIS. This, in EMIS’ opinion, demonstrates the weakness of ICU’s position and the absence of any real leverage.
Accordingly, ICU’s capitulation at the hearing demonstrates that only the restructured Series of Notes remain under reliable protection. Further, ICU’s position on the contractual claim has proven to be a fragile and unconvincing.
The substantive hearing has been scheduled for 29–30 October 2025. EMIS remains fully committed to acting strictly within the law and in the interests of noteholders, ensuring transparency and stability throughout the process.
