Avanti Communications granted U.S. recognition of scheme proceedings

By Caroline Salls

Pittsburgh, April 9 – Avanti Communications Group plc obtained U.S. recognition of its scheme of arrangement proceedings currently pending before the High Court of Justice of England and Wales, according to an order filed April 6 with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the scheme will result in the exchange of all of the company’s outstanding 2023 notes for new ordinary shares representing 92˝% of the enlarged issued ordinary share capital of the company immediately following the swap.

Avanti said implementation of the debt-for-equity swap under the scheme is conditional upon shareholder approval of the issue of the new shares at a general meeting. The company announced on Monday that the meeting is scheduled for April 25.

Avanti is a London-based provider of satellite communications in Europe, Africa and the Middle East. The Chapter 15 case number is 18-10458.

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