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Frigoglass receives consents by early deadline for restructuring
New York, May 11 – Frigoglass SAIC said that subsidiary Frigoglass Finance BV received consents from holders of 85.8% of its €250 million of 8¼% senior notes due 2018 by the early consent deadline for its planned restructuring.
The early deadline was 12 p.m. ET on May 10.
Holders who participated will receive a consent payment of €2.00 per €1,000 of notes, to be paid on the restructuring effective date. There will be no payment for consents delivered after the early deadline.
The solicitation ends at 12 p.m. ET on May 12.
Frigoglass announced the solicitation on May 2 in order to facilitate a restructuring of its capital structure agreed with stakeholders via a U.K. Scheme of Arrangement.
Specifically, the company is seeking to amend the note indenture and the guarantees other than the Turkish guarantee to change the governing law to England and Wales from New York and to submit jurisdiction to the courts of England and Wales, to eliminate the “Center of Main Interests and Establishments” section in the indenture, to specify that implementation of the scheme of arrangement will not cause an event of default, to modify requirements to act as trustee to comply with the market standard for trust deeds governed by the laws of England and Wales and to waive any actual or potential defaults.
To make the changes, holders of at least a majority of the notes must deliver consents.
The company said it will only receive court approval of the restructuring if it is approved by at least 50% of the holders of the bond by number and 75% of the principal amount of notes present and voting.
If the scheme of arrangement is not approved then the company is likely to be placed into an insolvency proceeding.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or frigoglass@lucid‐is.com) is information agent and tabulation agent.
Frigoglass is an Athens-based supplier of beverage coolers and glass packaging.
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