Cattles group creditors approve restructuring scheme resolutions

By Caroline Salls

Pittsburgh, Feb. 1 - Cattles plc said its creditors and the creditors of Welcome Financial Services Ltd. and Ewbanks Mail Order Ltd. passed all of the resolutions related to the restructuring of the companies under schemes of arrangement.

"The passing of these resolutions allows us to continue to progress the restructuring of the Cattles group with the aim of achieving the best possible outcome for the shareholders and creditors of the Cattles group as a whole," Cattles executive chairman Margaret Young said in a company news release.

Cattles said completion of the restructuring remains subject to court sanctioning of the Cattles shareholder scheme and the creditor schemes. A hearing is scheduled for Feb. 21 in the High Court of Justice of England and Wales.

The company said the schemes are expected to take effect shortly after the court orders.

Cattles is a Batley, England-based provider of financial services.

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