As announced previously, the DTEK ENERGY B.V. group (the Group ) has entered into a lock-up agreement (the Lock-up Agreement ) with certain of its creditors under which, amongst other matters, such creditors have agreed to vote in favour of the restructuring of substantially all of the Group s indebtedness (the Restructuring ) pursuant to two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the Schemes ). The Group hereby announces that holders of more than 50% of the outstanding principal amount of the 10.75% Senior PIK Toggle Notes due 2024 issued by DTEK Finance plc ( Noteholders ) have now signed or acceded to the Lock-up Agreement, in addition to lenders representing in excess of 95% of the bank debt subject to the Restructuring.
DTEK ENERGY B.V. RESTRUCTURING The High Court of Justice of England and Wales has today approved the convening of creditors meetings (the Creditors Meetings ) to consider and, if thought fit, to approve two inter-conditional schemes of arrangement under Part 26 of the Companies Act 2006 (the Schemes ) to restructure substantially all of the indebtedness of DTEK ENERGY B.V. group (the Group ) (the Restructuring ). Accordingly, the Bank Scheme Meetings shall be held at 10:00 (London time) on 7 May 2021 and the Notes Scheme Meeting shall be held at 10:45 (London time) on 7 May 2021 (or as soon thereafter as the Bank Scheme Meeting has been closed or adjourned).
· 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.
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