gategroup Holding AG announces that all conditions to the group’s financial restructuring designed to position the Group for a post-COVID future have been satisfied and that completion of the restructuring has occurred.
Background
As announced on 26 November 2020, the group, its shareholders RRJ Capital and Temasek and all of the group’s bank lenders under the senior facilities agreement dated 30 November 2018 had agreed to the key terms and conditions of a recapitalisation of the company and amendment of the terms of the group’s financial indebtedness.
On 11 December 2020, the company and gategroup Finance (Luxembourg) S.A., as issuer of the CHF 350,000,000 3% bonds due 2022, announced that, in order to implement certain aspects of the Transaction, gategroup Guarantee Limited, a wholly owned subsidiary of the company, had issued a practice statement letter to holders of the Bonds and the Senior Lenders, formally notifying them of the Plan company’s intention to launch an English restructuring plan under Part 26A of the United Kingdom’s Companies Act 2006 which will, amongst other things, amend certain terms of the Bonds and the SFA.
On 19 March 2021, the terms of the Plan were unanimously approved by the Senior Lenders at a meeting of the Senior Lenders, and by 99.98% by value of those Bondholders present and voting at the meeting of Bondholders.
The English Court approved the Plan on 26 March 2021, and the company is pleased to announce the satisfaction of all conditions to the effectiveness of the Plan and that completion of the Transaction has occurred…
