Avanti Communications announces April 26 restructuring effective date

By Caroline Salls

Pittsburgh, April 26 – Avanti Communications Group plc’s restructuring effective date occurred on Thursday after all of the conditions to its scheme of arrangement were met or waived and after the scheme implementation steps were completed, according to a news release.

As previously reported, the restructuring included a consent solicitation for the company’s 10%/15% senior secured notes due 2021 and the scheme, which covers its 12%/17˝% senior secured notes due 2023.

Avanti said the holders of the 2023 notes who submitted a valid accountholder letter and a confirmation form by the March 27 deadline have received or are in the process of receiving their share of 92.5% of the company’s enlarged issued ordinary share capital following completion of a debt-for-equity swap under the scheme.

In accordance with the scheme, accountholders and creditors who held 2023 notes as of 5 p.m. ET on March 12 must submit a letter and confirmation form before Sept. 24 in order to receive their exchange shares.

London-based satellite communications provider Avanti made a Chapter 15 bankruptcy filing on Feb. 21 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 18-10458.

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