Tuesday 21 March 2017 by Company updates

Emeco’s revised restructuring scheme was approved

Emeco announced on 15 March 2017 that the Federal Court of Australia (Court) had, on the same day, approved the company’s revised restructuring scheme – expected to complete on 31 March 2017. This follows the approvals by Emeco’s Noteholders and shareholders at meetings held earlier on 13 March 2017.

According to Emeco’s Creditors’ Scheme Meeting materials published 7 February 2017, a principal amount of USD282.7m and accrued but unpaid interest in the amount of USD10.4m was owed under the Emeco Notes as at 30 January 2017.

As such, the Emeco Notes’ coupon payment due on 15 March 2017 would have been paid to Noteholders through the usual process via Bank of New York Mellon.

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