RM-SYSTÉM»Události»NWR - UK Court Sanctions Consensual Restructuring
NWR - UK Court Sanctions Consensual Restructuring
As previously announced the requisite majorities of the Company's noteholders have approved the consensual restructuring transaction that was proposed by the Company at the two creditor meetings that were held on 29 August 2014.
Following the successful meetings the Company has applied to the High Court of Justice of England and Wales (the 'Court') for the scheme to be sanctioned in order for the terms of the consensual restructuring transaction to be binding on all noteholders. Prior to sanctioning the scheme, the Court must consider in a hearing (the 'Sanction Hearing') the overall fairness of the arrangement and will need to be satisfied that all statutory and procedural requirements have been fulfilled.
Result of the Sanction Hearing
The scheme of arrangement that was proposed by the Company was without modification sanctioned by the Court at a hearing before Mr Justice Norris, which took place today at 10.30am London time. A copy of the Court order sanctioning the scheme has been delivered to, and acknowledged by, the Registrar of Companies in England and Wales.
This concludes the court process in the United Kingdom, being one of the conditions to be fulfilled in order for the consensual restructuring transaction to be completed.
Another condition is the completion of the court process in the United States. The United States Bankruptcy Court, Southern District of New York has scheduled a hearing to consider an order by the United States Bankruptcy Court recognising the English court process under Chapter 15 of the United States Bankruptcy Code for 10 a.m. New York time on 9 September 2014.
Further, the transaction is conditional upon the completion of approval processes by the lenders and guarantor under the Company's ECA Facility Loan of the amendments to that facility and the confirmation of the Escrow Agent that it holds EUR 185 million in cleared funds (raised by way of an EUR 118 million rights issue to shareholders, an EUR 32 million placing of equity to participating noteholders and certain noteholders providing an EUR 35 million new super senior credit facility) to be released to the Company.
Completion of the restructuring process is envisaged in early October 2014.
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