This seems like it could be one of those cases that is structured backwards, or as some English practitioners refer to the backwards case structuring - round tripping of the U.S. debt. The court closes the hearing with that parties shouldn't rely on what the court did in this case as precedent for future cases.

Per Google AI:

Fossil (UK) Global Services Ltd. is a UK subsidiary of the fashion accessories company Fossil Group, Inc. that has recently been involved in a debt restructuring. It is now the entity used for the UK restructuring plan which was sanctioned by the High Court of Justice in England and Wales, and also recognized by a U.S. bankruptcy court. The restructuring plan involved canceling $150 million in unsecured notes and issuing new notes to create a more durable capital structure.

• Purpose: The entity was created to implement a restructuring plan in the UK to deal with the company's debt.
• Restructuring details: The plan was a court-sanctioned restructuring of $150 million in unsecured notes, with the High Court sanctioning the plan in early November 2025.
• International recognition: Fossil (UK) Global Services Ltd. also sought and received recognition of its UK restructuring plan from a U.S. bankruptcy court under Chapter 15 of the U.S. Bankruptcy Code. This ensures the plan is binding on U.S. creditors.
• Legal status: The company was registered in the UK on August 8, 2025. It is a private limited company with a registered office in Milton Keynes.
• Information: For investors holding the notes, an information agent is available for password-protected website access, and more information can be found on the Fossil Group's investor relations page.