Business
Scheme of Arrangement: Result of 1st Court Hearing
Scheme of Arrangement: Result of 1st Court Hearing.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8262E\n Amigo Holdings PLC\n 15 March 2022\n \n \n \n \n 15 March 2022\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 \n Amigo Holdings PLC (LSE: AMGO) provides an update on the Schemes of Arrangement (the 'Schemes') of ALL Scheme Ltd ('SchemeCo') announced on 6 December 2021, following the Court convening hearing which took place on Tuesday 8 March 2022.\n \n \n The High Court has granted an order including that SchemeCo can convene a meeting of the Schemes' creditors to consider and vote on the Schemes. A copy of the order and the judgment will be published on our website. Accordingly, borrowers and guarantors, past and present, who believe they have a valid claim against Amigo, and the Financial Ombudsman Service, will be able to vote on the Schemes through the dedicated Scheme website, \n \n www.amigoscheme.co.uk\n \n \n .\n \n Details of the creditors' meeting, to be held on 12 May 2022, will be released on this site in due course. If creditors vote for the Schemes, the Court sanction hearing is expected to be held on 23 and 24 May 2022.\n \n \n The new Schemes offer creditors a choice between a New Business Scheme and a Wind Down Scheme. As documented in previous RNS announcements, the terms of the New Business Scheme are substantially improved on the first Scheme proposed in 2021 and, in the view of the Board of Amigo, provides the best outcome for Scheme creditors\n . \n \n \n Amigo will begin communicating about the vote directly with Scheme creditors from tomorrow. \n \n \n \n Gary Jennison, CEO of Amigo, said:\n \n \n \n \n \"We are pleased that the Court has agreed that the Schemes can proceed to a creditor vote. The financial offer has been significantly improved and we will be doing everything we can to encourage creditor participation. \n \n \n \n \"As we have said many times, significant hurdles remain. Customers must first vote in favour of a Scheme. We then require the High Court to approve a Scheme in May and, if it is the New Business Scheme, we must satisfy the FCA on a number of conditions before we can return to lending. A significant capital raising must then be...