Far-Eastern Shipping Company PLC and its subsidiaries (together, the “Group”) announce today that a Supplemental Practice Statement Letter in respect of the scheme of arrangement (the “Scheme”) launched on 29 September 2017 is circulated to implement the restructuring of the Group’s indebtedness under the outstanding the 8.00% Senior Secured Notes due 2018 and 8.75% Senior Secured Notes due 2020 (together the “USD Notes”).
The Supplemental Practice Statement Letter concerns the additional amount proposed to be added to the Settlement Amount (as defined in the Practice Statement Letter issued on 29 September 2017).
As of the date of this notice, noteholders who, in aggregate, hold over 89% of the outstanding principal amount of the USD Notes have signed or acceded to the standstill and lock-up agreement executed earlier this month (the “LUA”), in order to facilitate the Restructuring to be implemented by the proposed Scheme.
Noteholders interested in receiving more information regarding the LUA and Scheme are directed to follow the link https://www.fesco.ru/en/investor/corporate-bonds/debt-restructuring or contacting the Information Agent.
Capitalised terms used in this announcement and not otherwise defined herein shall have the meaning given to them in the LUA.
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 LUA and 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.