August 8, 2022

gategroup updates on on restructuring plan

gategroup’s restructuring plan has been put on pause until February 3 2021.

The High Court of England and Wales gave directions that the hearing in relation to the proposal by gategroup to convene a meeting of its creditors for the purposes of voting on an English restructuring plan under Part 26A of the United Kingdom’s Companies Act 2006 is to be adjourned until February 3-4.

If the Court grants the order at the Convening Hearing, a meeting of the Bondholders and Senior Lenders is expected to be held on March 8 2021 and the meeting materials (including the explanatory statement) are expected to be made available to Senior Lenders and Bondholders on February 8 2021.

As announced on November 26 2020, the Group, its shareholders, and all of the Group’s bank lenders under the senior facilities agreement dated November 30 2018 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.

gategroup.com

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