FESCO announces court sanction of scheme of arrangement
Far-Eastern Shipping Company PLC and its subsidiaries (together, the “Group”) announce that the High Court of Justice of England and Wales (the “Court”) made an order dated 3 November 2017 sanctioning the scheme of arrangement (the “Scheme”) proposed by the Group.
The order sanctioning the Scheme was delivered to the Registrar of Companies and the Scheme became effective on 3 November 2017 (the “Scheme Effective Date”).
The Scheme and the restructuring of the Group’s indebtedness (the “Restructuring”) under the outstanding 8.00% senior secured notes due 2018 and 8.75% senior secured notes due 2020 (the “USD Notes”) implemented by the Scheme are described in the explanatory statement published on 11 October 2017 (the “Explanatory Statement”) and the document setting out the terms of the Scheme appended thereto (the “Scheme Document”). The Explanatory Statement and the Scheme Document can be found at www.lucid-is.com/fesco.
As set out in the Scheme Document, implementation of the Scheme is subject to certain conditions. These include satisfaction of all conditions precedent to the drawdown of the debt financing to be provided by VTB Bank PJSC for the purposes of funding the cash settlement amount required to be paid to scheme creditors under the Scheme. As announced previously, the relevant facility agreement was signed on 3 November 2017.
The Group will use its best endeavours to ensure that the conditions are met as soon as possible and will separately notify scheme creditors of the proposed settlement date as required by the Scheme Document. In accordance with the Scheme Document, the settlement shall occur on or before 17 November 2017 (or such later date as may be agreed by at least 75% (by value) of the noteholders being scheme creditors).
IR Director, FESCO
+7(495)7806001 ext. 11160
Press Secretary, FESCO
+7(495)7806001 ext. 11014
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