Creditor Scheme of Arrangement

RNS Number : 9039M

AssetCo PLC

23 August 2011

 



23 August 2011

AssetCo plc ("AssetCo" or "the Company")

Lodging of Creditor Scheme of Arrangement documentation with the Court

AssetCo announces that it has today lodged with the Companies Court a draft claim form and draft document relating to a proposed scheme of arrangement under Part 26 of the Companies Act 2006 between the Company and its creditors ("the Scheme").

It is anticipated that a Court hearing will be held on 25 August 2011 at which the Court will be asked, in connection with the Scheme, to sanction the convening of relevant meetings of the Company's creditors.  If the Court sanctions the convening of the relevant meetings of creditors, it is anticipated that the Company will then send to creditors a document explaining the Scheme, setting out the full terms of the Scheme and convening the relevant meetings of creditors.

In order for the Scheme to become effective it will, amongst other things, require (1) to be approved by the requisite majorities at the relevant meetings of creditors and (2) thereafter to be sanctioned by the Court at a further Court hearing.

In an announcement on 24 July 2011 the Company noted that a hearing on a petition for the liquidation of the Company (previously made by Northern Bank) had been adjourned until 25 August 2011.  The Company anticipates that on 25 August 2011 the Court will at a conjoined hearing consider both (1) the Company's application to convene meetings of creditors in respect of the proposed Scheme and (2) a request by the Company for a further adjournment of the hearing on the petition for the liquidation of the Company in order to allow the Scheme to be considered by creditors. A further announcement will follow this Court hearing.

Enquiries:

AssetCo plc

Tudor Davies: [phone]

Arden Partners plc

Richard Day  [phone]

Adrian Trimmings

Chris Thomas

Citigate Dewe Rogerson

Fiona Tooley: Office: [phone]

 

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