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No Va Land creditors approve scheme of arrangement
By Marisa Wong
Los Angeles, April 3 – No Va Land Investment Group Corp. issued an update relating to the proposed restructuring of its $300 million 5.25% convertible bonds due 2026 (ISIN: XS2364281175).
As announced on March 5, No Va Land proposed to enter into a pre-packaged scheme of arrangement with its creditors relating to any claim or liability related to the 2026 convertible bonds.
On Wednesday the company announced that the scheme has been approved by the required majority of scheme creditors.
Specifically, all 25 scheme creditors that voted, representing $284 million of claims, voted in favor of the scheme.
The maximum amount of scheme claims that could have voted on the scheme was $298.6 million. In other words, creditors representing 95.11% of the maximum amount of scheme claims voted in favor of the scheme.
The majority needed was a majority in number of the scheme creditors casting votes in favor of the scheme and representing at least three-fourths in value of the accepted scheme claims of all of the voting scheme creditors.
The scheme is subject to approval of the Singapore International Commercial Court and to the other conditions of the scheme.
After Wednesday’s announcement, the company intends to submit its application to the court for approval of the scheme. The hearing date has yet to be set.
As previously reported, the expected long-stop date is May 20.
Morrow Sodali Ltd. is the information agent (+44 20 4513 6933, +852 2316 4130 or novaland@investor.morrowsodali.com).
The scheme document is posted at https://projects.morrowsodali.com/novaland.
No Va Land is a Vietnamese developer active in residential property and luxury resorts.
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