DTEK Energy enters lock-up agreement with over 50% of eurobond holders, 95% of lenders 2 min read
DTEK Energy said on Tuesday on the London Stock Exchange (LSE) that the company has entered into a lock-up agreement with over 50% holders of its eurobonds and lenders representing in excess of 95% of the bank debt, who agreed to vote in favor of the restructuring of substantially all of the group s indebtedness estimated at around $2 billion.
One of the company s bank creditors, Gazprombank, has filed a notice of arbitration with the Singapore International Arbitration Centre in respect of a claim against DTEK B.V., DTEK ENERGY B.V. and certain other group companies for approximately CHF 22 million under its bank facility.
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In the recent case of
Convexity Ltd. v. Phoenixfin Pte Ltd., Mek Global Ltd. and Phoenixfin Ltd. [2021] SGHC 88, the Singapore High Court departed from its pro-arbitration stance and set aside an arbitral award. The Singapore High Court found that the arbitral tribunal had labored under the misapprehension that parties had agreed to include an unpleaded issue into the scope of submission, though the applicant had repeatedly objected to the same. The unpleaded issue formed the central basis for the tribunal’s decision to dismiss the applicant’s claims. In setting aside the arbitral award, the Singapore High Court agreed that there had been a breach of natural justice, the award had dealt with issues outside the scope of submission, and the arbitral procedure agreed by the parties had been departed from.
As announced previously, the DTEK ENERGY B.V. group (the Group ) has entered into a lock-up agreement (the Lock-up Agreement ) with certain of its creditors under which, amongst other matters, such creditors have agreed to vote in favour of the restructuring of substantially all of the Group s indebtedness (the Restructuring ) pursuant to two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the Schemes ). The Group hereby announces that holders of more than 50% of the outstanding principal amount of the 10.75% Senior PIK Toggle Notes due 2024 issued by DTEK Finance plc ( Noteholders ) have now signed or acceded to the Lock-up Agreement, in addition to lenders representing in excess of 95% of the bank debt subject to the Restructuring.
Lenders to Future Enterprises, Future Supply Chain Solutions approve debt restructuring
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Last Updated: Apr 20, 2021, 10:48 PM IST
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Synopsis
The boards of both the companies Future Enterprises and Future Supply Chain Solutions have approved the lenders plan to restructure the existing secured financial debt, the firms said in separate regulatory filings.
Agencies
Future Enterprises said its restructuring plan would be subject to approval from the Expert Committee formed by RBI under the chairmanship of K V Kamath.
Lenders to two more Future group firms
Future Supply Chain Solutions have approved a resolution plan to restructure the existing secured financial debt of the companies, as per regulatory filings. Last week, a consortium of 28 banks had approved a resolution plan for debt restructuring of the Kishore Biyani-led group s flagship firm Future Retail Ltd, under the resolution framework for COVID-19-related stress announced by the Reserve Bank of I