RE: Was priced to fail23 Dec 2024 09:37
There is no guarantee that the Restructuring will be implemented on the anticipated timeframe or at all.
It is the Directors’ view that the Company’s ability to continue as a going concern is contingent on the implementation of the Restructuring. If the Restructuring is not implemented, the Directors expect that the Lock-Up Agreement will be terminated and, as a result, the waivers and forbearance from the Funded Creditors would cease, following which the Company would likely enter into administration or liquidation proceedings. The components of the Restructuring are inter-conditional, and as a result the implementation of the Restructuring depends, among other things, on the passing of the resolutions proposed at the General Meeting and the court sanctioning the Restructuring Plans. Risks to sanctioning of the Restructuring Plans include not garnering the requisite support from creditors or failing to achieve approval by the court at the sanction hearing. The court has a wide discretion whether to sanction a restructuring plan and will take into account a number of factors, including the level of creditor support, the fairness of the plan and any challenges raised by stakeholders. The terms of certain components of the Restructuring are still subject to agreement. These include arranging performance guarantees for certain key contracts (or agreeing to alternative solutions); full and final settlement with HMRC; obtaining non-compromised Thai Oil guarantor support for the Restructuring; and agreement with guarantee providers to waive defaults resulting from the Restructuring. If the Group cannot agree resolutions on these matters, which are conditions to effectiveness of the Restructuring, the Restructuring will not be implemented. The implementation of the Restructuring also relies upon the Group’s ability to maintain sufficient liquidity prior to the implementation of the Restructuring, including maintaining the support of trade and other creditors without acceleration of their debt or enforcement of their security rights.Risks to the Financial Outlook
And could still fall through, why buy now when this will see 2p IMO
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