· launched two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the "Schemes") in order to implement the restructuring of substantially all of the Group's indebtedness (the "Restructuring") on the terms and conditions set forth in the restructuring term sheet (the "TermSheet") as contained within the Lock-up Agreement (as defined below) dated 26 March 2021; and
· entered into a lock-up agreement with certain of its creditors under which, amongst other matters, such creditors have agreed to vote in favour of the Restructuring in the Schemes (as applicable) (the "Lock-up Agreement").
The Schemes convening hearing is scheduled for 16 April 2021. Subsequent dates for the Schemes creditors meetings and the Schemes sanction hearing will follow in due course. Accordingly, the automatic termination date for the Lock-up Agreement has been extended to 5 May 2021.