Avanti Communications Group noteholder scheme vote set for March 20

By Caroline Salls

Pittsburgh, Feb. 20 – Avanti Communications Group plc said the English High Court approved its request to schedule a meeting of the holders of its 12%/17˝% senior secured notes due 2023 for the purposes of voting on the company’s scheme of arrangement.

According to a news release, the scheme meeting will be held on March 20.

Avanti said the scheme meeting is the next step in its financial restructuring process and follows a successful consent solicitation process.

If successful, the company said the scheme will result in the exchange of all of the outstanding 2023 notes for new ordinary shares representing 92.5% of the enlarged issued ordinary share capital of the company immediately following the swap.

In order to achieve approval, the company said a majority in number of scheme creditors representing at least 75% in principal amount of the 2023 notes held by those creditors at the meeting must vote in favor of the scheme.

If approved at the scheme meeting, the scheme will be subject to a subsequent application seeking the sanction of the court, which is expected to be heard on March 26.

Avanti said implementation of the debt-for-equity swap under the scheme is also conditional upon shareholder approval of the issue of the new shares at a general meeting expected to be held in April.

Avanti is a London-based provider of satellite communications in Europe, Africa and the Middle East.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.