FESCO circulates Explanatory Statement and Notice of Scheme Meeting pursuant to proposed Scheme
Far-Eastern Shipping Company PLC and its subsidiaries (together, the “Group”) has issued a notice that, by an order dated 11 October 2017, the High Court of Justice of England and Wales (the "Court") has directed that a scheme meeting (the “Scheme Meeting”) be convened of the scheme creditors (the “Scheme Creditors”) on 27 October 2017 for the purposes of considering and, if thought fit, approving the scheme of arrangement (the “Scheme”) to implement the restructuring of the Group’s indebtedness under the outstanding 8.00% Senior Secured Notes due 2018 and 8.75% Senior Secured Notes due 2020 (together the “USD Notes”) as previously set out in the Practice Statement Letter of 29 September 2017.
The Group has also circulated today an explanatory statement, which contains important information with respect to the Scheme and the Restructuring. The explanatory statement and a notice convening the Scheme Meeting have been issued to the holders of the USD Notes through the relevant clearing systems and have also been made available on the Scheme Website at: www.lucid-is.com/fesco.
Scheme Creditors should refer to the explanatory statement and notice of the Scheme Meeting for further details on the applicable procedures and requirements in order to participate in the Scheme Meeting. Scheme Creditors are directed, in particular, to Section 6 (Summary of actions to be taken by Scheme Creditors and any Person with an Interest in the Notes) and Appendix 2 (Instructions and Guidance for Scheme Creditors and any Person with an Interest in the Notes) of the explanatory statement.
Scheme Creditors interested in receiving more information regarding the Scheme are directed to follow the links to the Scheme Website: http://www.lucid-is.com/fesco or to FESCO’s website: http://www.fesco.ru/en/investor/corporate-bonds/debt-restructuring.
IR Director, FESCO
+7(495)7806001 ext. 11160
Press Secretary, FESCO
+7(495)7806001 ext. 11014
Further details may be obtained from the Information Agent appointed in respect of the Scheme:
Lucid Issuer Services Limited
12 Argyle Walk
London WC1H 8HA
Attention: Alexander Yangaev / Victor Parzyjagla
These materials are not intended to and do not constitute investment advice. These materials do not constitute or form any part of and should not be constructed as an offer or commitment to sell or issue, a solicitation, recommendation, commitment or invitation to subscribe for, underwrite or otherwise acquire, and should not be construed as an advertisement for, any securities of the Issuer or any member of its group in any jurisdiction or an inducement to enter into investment activity in any jurisdiction.all publications