Scheme of Arrangement: Result of 1st Court Hearing

RNS Number : 8262E

Amigo Holdings PLC

15 March 2022

 

15 March 2022

Amigo Holdings PLC

("Amigo" or the "Company")

Scheme of Arrangement: Result of first Court Hearing

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.

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,  www.amigoscheme.co.uk .  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.

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 .  

Amigo will begin communicating about the vote directly with Scheme creditors from tomorrow.  

Gary Jennison, CEO of Amigo, said:     "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.

"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 completed within a year of the Court sanction hearing.

"Compromises and difficult decisions have been required to enable us to offer creditors the best possible outcome in the circumstances and for Amigo to have a future as a regulated lender in an important market segment. The road ahead is not easy, but we are on the right track and today's Court decision is another step forward."

ENDS

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent.  Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

Contacts:

Amigo Holdings PLC  [e-mail]    

Kate Patrick   Head of Investor Relations 

Roger Bennett   Company Secretary 

Media enquiries  [e-mail] 

Tom Baldock  07860 101715

 

END

 

 

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