VALMIERAS STIKLA ŠĶIEDRA, AS (hereinafter - the “Company”) informs that in relation to the Share purchase agreement concluded on 28 October 2020 (hereinafter - the “Share Purchase Agreement”) between the majority shareholders of the Company and Duke I S.à r.l (“Duke”), it is necessary to initiate amendments to the Plan of legal protection proceedings (hereinafter - the “Plan”). Duke is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP which is an Alternative Investment Fund managed by Warwick Capital Partners LLP (“Warwick”).
The implementation of the Share Purchase Agreement and the attraction of a new shareholder will enable the Company to restructure its current liabilities towards secured creditors on more favourable terms, provided that the preconditions set forth in the Share Purchase Agreement are met or fulfilled.
The Company acknowledges that it requires additional funding to maintain current liquidity and cover operating costs, which would be provided should the proposed transaction complete.
One of the main objectives of the Amendments to the Plan is to provide the Company with the right and opportunity to enter into the above-referred transactions, provided that the preconditions specified in the Share Purchase Agreement will be met or fulfilled. The Company will continue to carry out the Plan in accordance with the procedure set forth in the Plan until all the preconditions specified in the Share Purchase Agreement will be met or fulfilled. The approval of the Amendments to the Plan will not affect the fulfilment of the Company's existing obligations to unsecured creditors.
Simultaneously, the Company updates certain information in the Amendments to the Plan, including data on the Company's planned income and expenses, and other information.
On 3 December 2020, the Company delivers the Amendments to the Plan to its creditors for the approval to be provided until 18 December 2020.
Amendments to the Plan of legal protection proceedings of VALMIERAS STIKLA ŠĶIEDRA, AS will be published after the court’s decision.