| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for Lydian U.K. Corp. Ltd. > News item |
Lydian International plan of arrangement approved, deemed effective
By Caroline Salls
Pittsburgh, July 7 – Lydian International Ltd., Lydian Canada Ventures Corp. and Lydian U.K. Corp. Ltd. obtained an order from the Ontario Superior Court of Justice approving the plan of arrangement in connection with their Companies’ Creditors Arrangement Act proceedings, according to a news release.
After receipt of the sanction and implementation order, Lydian said the plan took effect on July 6.
As previously reported, the plan implements a restructuring under which existing senior secured lenders Orion CO IV (ED) Ltd., Resource Capital Fund VI LP and Osisko Bermuda Ltd. will own and control a restructured Lydian Canada and its direct and indirect subsidiaries, including Lydian U.K. and Lydian Armenia CJSC.
The company said the plan calls for a full release of all claims against Lydian International and its directors and officers, including all senior lender claims.
Claims against Lydian Canada, Lydian U.K. and the other subsidiaries, including Lydian Armenia, will not be released and will remain outstanding after implementation of the plan.
As a result, Lydian said only the senior lenders were entitled to vote on the plan, while other parties, including unsecured creditors whose claims are unaffected and equityholders, will not be entitled to vote nor receive any distributions.
Following implementation of the plan, Lydian International will have no assets, and it will begin proceedings to be wound up under Jersey law, which will include the cancellation of all ordinary shares in its capital.
Lydian is a Toronto-based gold developer focusing on construction at its 100%-owned Amulsar gold project located in south-central Armenia.
© 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.