GLAS Specialist Services Limited has been appointed Information Agent in respect of the Restructuring Plan launched by Smile Telecoms, an African telecommunications provider.
This is a landmark precedent as it is the first time since the introduction of the Restructuring Plan that the English High Court has used its discretion under section 901C(4) of the Companies Act 2006 to convene a meeting of just one class of plan creditors where there are other creditor and member classes whose rights are affected by the proposed arrangement. The basis for this was the valuation evidence which demonstrated that no other class of creditors or members has any genuine economic interest in the company.
“As the the leader in servicing bankruptcy and restructuring transactions, we are thrilled to be involved with this transaction, which will definitely become a landmark restructuring case.” Notes Group President and Co-Founder Mia Drennan. “We look forward to supporting Smile Telecoms and all deal parties through their restructuring.”
The GLAS deal team comprised of Eoin Dunne (Senior Transaction Manager, Debt Capital Markets), Paul Cattermole (Team Leader, Debt Capital Markets), Natasha Chan (Legal Counsel), James Bain (Business Analyst) and Joe Ellis-Grewal (Senior Business Development Associate).