|By Business Wire||
|December 12, 2013 03:23 AM EST||
Magyar Telecom B.V. (the “Company”):
Recognition of the Scheme under Chapter 15
As previously announced, a second hearing took place before Judge Lane of the US Bankruptcy Court at 11:00 a.m. (New York time) on 11 December 2013 in respect of the petition under Chapter 15 of the US Bankruptcy Code for recognition of the Scheme as a foreign main proceeding and for related relief giving full force and effect to the Scheme and related documents (the “Chapter 15 Order”).
The Company is pleased to announce that Judge Lane granted the Chapter 15 Order in the terms sought.
The grant of the Chapter 15 Order is a condition to the Scheme becoming effective as set out in the explanatory statement dated 28 October 2013 in relation to the Scheme (the “Explanatory Statement”).
Capitalised terms used in this press release but not otherwise defined shall have the meaning given to them in the Explanatory Statement.
Completion of the Restructuring
Following the grant of the Chapter 15 Order and the satisfaction of all other Scheme Conditions, the Company intends the Effective Date of the Restructuring to occur today (12 December 2013). Note Creditors who have submitted a valid Account Holder Letter to the Information Agent should expect to receive their Restructuring Consideration Entitlements and/or Cash Option Entitlement (as applicable) today.
Any questions relating to any Note Creditor’s Scheme Consideration Entitlement should be directed to the Information Agent, whose details are set out below.
The coupon payment on the New Notes (the “Coupon Payment”) is due on 15 December 2013. The Company intends to make the Coupon Payment on the first following business day (16 December 2013) assuming that the listing of the New Notes on the Luxembourg Stock Exchange (the “Listing”) is completed by that date. The Company intends to complete the Listing today (12 December 2013). If, however, the Listing is not completed by 16 December 2013 then the Company will make the Coupon Payment as soon as the Listing is completed thereafter.
In case of any enquiries, please contact one of the advisers below:
Houlihan Lokey (Europe) Limited
Tel: +44 20 7747 2717
White & Case LLP
Tel: +44 20 7532 1221
Lucid Issuer Services Limited
Sunjeeve Patel / Thomas Choquet
Tel: +44 20 7704 0880
|Noteholder Group Advisers|
Moelis & Company
Tel: +44 20 7634 3660
Bingham McCutchen (London) LLP
Tel: +44 20 7661 5430
Tel: +44 20 7661 5310
About Magyar Telecom B.V.
Magyar Telecom B.V. is a private company with limited liability incorporated in the Netherlands and registered at the Chamber of Commerce (Kamer van Koophandel) for Amsterdam with number 33286951 and registered as an overseas company at Companies House in the UK with UK establishment number BR016577 and its address at 6 St Andrew Street, London EC4A 3AE, United Kingdom (Telephone: +44 20 7832 8936, Fax: +44 20 7832 8950).