FESCO announces results of Scheme Meeting
Far-Eastern Shipping Company PLC and its subsidiaries (together, the “Group”) announces today that the scheme meeting (the “Scheme Meeting”), convened for the purposes of 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 described in the explanatory statement published on 11 October 2017 was duly held on 27 October 2017.
Scheme Creditors representing 92.95% by value of all Scheme Claims outstanding as at the Voting Record Date participated in the Scheme Meeting (in person or by proxy), and the voting results were as follows:
(a) 123 Scheme Creditors, representing a majority in number of Scheme Creditors participating in the Scheme Meeting (including by way of proxy) and representing 92,89% by value of all Scheme Claims outstanding as at the Voting Record Date voted in favour of the Scheme ; and
(b) 1 Scheme Creditor participating in the Scheme Meeting (by way of proxy), representing 0.06% by value of all Scheme Claims outstanding as at the Voting Record Date, voted against the Scheme.
As a result, the Scheme was approved by the requisite majorities of the Scheme Creditors at the Scheme Meeting as required by Part 26 of the Companies Act 2006. The Scheme is subject to sanction by the High Court of Justice of England and Wales at a hearing that is scheduled to take place on 3 November 2017.
As mentioned above, the terms of the Scheme and restructuring of the Group’s indebtedness under the USD Notes (the “Restructuring”) to be implemented via the Scheme are more fully described in the explanatory statement provided to the scheme creditors on 11 October 2017 in connection with the Scheme.
Terms used but not otherwise defined in this notice shall have the meanings given to them in the explanatory statement.
The convening of the Scheme Meeting no later than 21 days after circulation of the explanatory statement was one of the key milestones under the terms of the standstill and lock-up agreement between, among others, FESCO and certain of the Noteholders ( the “LUA”) dated 6 September 2017. FESCO is pleased to confirm that the relevant milestone has therefore been satisfied.
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: https://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