This case concerned the interpretation of an equity commitment letter (ECL) governed by English law under which the defendant had agreed to provide €93m to its indirect subsidiary for it to purchase a hotel business from a third party. The share purchase agreement governing the underlying transaction never completed due to the coronavirus (COVID-19) pandemic and is now the subject of Spanish litigation. The parties asked the High Court to consider seven issues of interpretation of the ECL including whether the defendant was obliged to put its indirect subsidiary in funds in circumstances where there was a dispute regarding the underlying transaction. The High Court found against the defendant on all issues bar one.
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