gategroup has announced that two separate meetings of bondholders and senior lenders will be called for March 19 2021 to consider and vote on parts of the company’s financial restructuring plan designed to position the company for a post-COVID future.
As announced on November 26 2020, the group, its shareholders, RRJ Capital and Temasek (the “shareholders”) and all of the Group’s bank lenders under the senior facilities agreement dated November 30 2018 (the “senior lenders” and the “SFA”, respectively) have agreed to the key terms and conditions of a recapitalisation of the company and amendment of the terms of the group’s financial indebtedness (the “transaction”).
From Monday 15 February 2021, Bondholders will be able to obtain a copy of the explanatory statement which will set out in detail the terms and the effect of the plan as well as information for bondholders and senior lenders on how to vote on the plan, and a copy of the proxy forms for voting at the plan meetings.
“The English Court’s decision to grant the order convening the meetings of bondholders and senior lenders to vote on the Restructuring Plan is a key milestone and a major step forward in the process towards implementation of the Group’s strategy for the post-COVID future,” says Xavier Rossinyol, chief executive officer.
“The terms of the transaction will provide the group with a strong platform to deliver on its business plan over the next five years and which is in the interests of its creditors and other stakeholders. The plan has the support of the shareholders and each of the senior lenders. In addition, a holder of in excess of 10% of the outstanding principal amount of the bonds has confirmed their support of the plan.”
