Business
Scheme of Arrangement: First Court Hearing Result
Scheme of Arrangement: First Court Hearing Result.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0205U\n Amigo Holdings PLC\n 30 March 2021\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n FOR IMMEDIATE RELEASE \n 30 March 2021\n \n \n \n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n Scheme of Arrangement: Result of first Court Hearing\n \n Amigo Holdings PLC (LSE: AMGO), a leading provider of guarantor loans in the UK, provides an update on the Scheme of Arrangement (the 'Scheme') of ALL Scheme Ltd ('SchemeCo') announced on 25 January 2021, following the Court convening hearing which took place today, 30 March 2021.\n After close of market today, the High Court granted an order including that SchemeCo can convene a meeting of the Scheme creditors to consider and vote on the Scheme. Accordingly, borrowers and guarantors, past and present, and the Financial Ombudsman Service (the 'FOS') will be able to vote on the Scheme via the dedicated Scheme website, www.amigoscheme.co.uk. Details of the creditors' meeting, to be held on 12 May 2021, will be released on this site in due course. If creditors vote for the Scheme, the final Court sanction hearing is expected to be held on 19 May 2021.\n \n Amigo, supported by its independent financial and legal advisers, continues to believe that the Scheme will provide the best outcome for the Scheme creditors, who are Amigo's 700,000 past customers, 300,000 present customers and the FOS, in a manner that is fair and equitable. \n Amigo believes that failure of the Scheme would result in the insolvency of Amigo, where customers and the FOS would receive zero cash payments, given the secured creditors who rank ahead of the unsecured Scheme creditors. \n \n Gary Jennison, CEO of Amigo, said:\n \n \n \n \"We are delighted that the Court agreed that the Scheme should go ahead. We look forward to our customers having an opportunity to vote and support the Scheme, which we believe is the only real option for customers who are due redress to receive cash compensation. Given it is in their best interests and the real alternative is an insolvency, we strongly encourage our 700,000 past customers and 300,000 present customers to ...