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PT Pan Brothers gains U.S. recognition of Singapore proceedings
By Sarah Lizee
Olympia, Wash., March 9 – PT Pan Brothers Tbk. gained U.S. court recognition of its foreign scheme proceedings in Singapore, according to an order filed Tuesday with the U.S. Bankruptcy Court Southern District of New York.
The scheme relates to holders of PB International BV’s $200 million 7 5/8% senior notes due 2022 (ISIN: XS1555631925) and a revolving credit facility of up to $150 million, as previously reported.
According to court documents, the key objectives of the scheme are to adjust the ongoing interest payments under the existing facilities to a more manageable level to align with the latest forecast cash flows of the group; extend the maturity date of the existing notes and facilities to allow the debtor more time to repay holders; and allow the group to continue carrying on its business as a going concern.
The company said Tuesday that all scheme conditions have been satisfied and the scheme effective date took place on Jan. 19.
Pan Brothers has also proposed that the long stop date of the scheme be deferred to June 30 from March 31. Creditors have until 5 a.m. ET on March 30 to vote on the deferment.
The company said the deferment will serve to ensure that the entire restructuring is not jeopardized in the even that one or more restructuring documents are not agreed or executed by March 31.
No consent fee will be paid in relation to the deferment.
The information agent is Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, +1 203 609 4910; panbrothers@investor.morrowsodali.com).
The apparel manufacturer is based in Indonesia. The company filed Chapter 15 bankruptcy on Feb. 4 under case number 22-10136.
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