FESCO circulates Supplemental Practice Statement Letter
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Far-Eastern Shipping Company PLC and its subsidiaries announce today that a Supplemental Practice Statement Letter in respect of the scheme of arrangement launched on 29 September 2017 is circulated to implement the restructuring of the Group’s indebtedness under the outstanding the 8.00% Senior Secured Notes due 2018 and 8.75% Senior Secured Notes due 2020 (together the “USD Notes”).
The Supplemental Practice Statement Letter concerns the additional amount proposed to be added to the Settlement Amount (as defined in the Practice Statement Letter issued on 29 September 2017).
As of the date of this notice, noteholders who, in aggregate, hold over 89% of the outstanding principal amount of the USD Notes have signed or acceded to the standstill and lock-up agreement executed earlier this month (the “LUA”), in order to facilitate the Restructuring to be implemented by the proposed Scheme.