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A Hearing About A Proposal To Vote On A Restructing Plan For Gategroup Will Take Place In February

By Dave Simpson

Airline catering company Gategroup Holding AG has announced that the High Court of England and Wales has given directions that a hearing in relation to a proposal by Gategroup Guarantee Limited to convene a meeting of its creditors for the purpose of voting on an English restructuring plan under Part 26A of the UK's Companies Act 2006 has been adjourned until February 3-4, 2021.

If the court grants the order at the convening hearing scheduled to be held on February 3-4, a meeting of the bondholders and senior lenders is expected to be held on March 8, and the meeting materials, including the explanatory statement, are expected to be made available to senior lenders and bondholders on February 8.

Background

On November 26, 2020, it was announced that Gategroup, its shareholders, RRJ Capital and Temasek, and all of the group's bank lenders under the senior facilities agreement dated November 30, 2018, have agreed to the key terms and conditions of a recapitalisation of the company and amendment of the terms of the group's financial indebtedness.

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On December 11, 2020, the company and Gategroup Finance (Luxembourg) S.A., as issuer of the CHF (Swiss Franc) 350,000,000 3% bonds due in 2022, announced that, in order to implement certain aspects of a recapitalisation of the company and amendment of the terms of the group's financial indebtedness, Gategroup Guarantee Limited, a wholly owned subsidiary of the company, had issued a practice statement letter to holders of the bonds and the senior lenders, formally notifying them of Gategroup Guarantee Limited's intention to launch an English restructuring plan under Part 26A of the UK's Companies Act 2006, which will, among other things, amend certain terms of the bonds and the SFA.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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