9/2015: PBG Supervisory Board issues opinion on certain restructuring documents
The Management Board of PBG S.A. w upadłości układowej (in company voluntary arrangement) (“Company” or “PBG”) announces that at its meeting held on April 20th 2015 the Supervisory Board issued a positive opinion on the following draft documents:
- Restructuring Agreement; and
- Terms and Conditions of the Bonds.
The submitted draft documents had been agreed upon in the course of negotiations with the Financial Creditors and remain final.
The Supervisory Board also accepted the revised Arrangement Proposals of November 3rd 2014, submitted by the Management Board, in the part dealing with the creation of pledges over the RAFAKO S.A. shares held directly and indirectly by PBG, in favour of the creditors whose claims are covered by the arrangement (except for Group 3 and Group 7, that is the claims of RAFAKO S.A. and Mr Jerzy Wiśniewski), as security for those claims.
The Supervisory Board also obliged the Management Board to submit the agreed and final Arrangement Proposals by April 24th 2015.