Examples of Restructuring Heads of Terms in a sentence
The Company anticipates that the restructuring of the Notes and the PXF Facilities contemplated by the Non-Binding Restructuring Heads of Terms will be implemented on or prior to 30 September 2016 and, in any event, by 30 November 2016 at the latest.
The Non-Binding Restructuring Heads of Terms were agreed between the Company, the Noteholder Committee and the PXF Co-ordinating Committee on 24 May 2016.
If the Company is successful in agreeing, documenting and implementing a consensual restructuring with its Noteholders and the PXF Lenders on the basis set out in the Non-Binding Restructuring Heads of Terms, the Company anticipates that it will be able to repay the full amount due to its creditors in accordance with the terms of the Non-Binding Restructuring Heads of Terms.
A non-binding heads of terms for a restructuring of the Notes and the PXF Facilities (as defined below) (the Non-Binding Restructuring Heads of Terms) has now been agreed (see paragraph 18 below and Appendix 1).
A reconciliation of our adjusted financial measures to their GAAP equivalents is included on page 9 of this release.
Pursuant to the Scheme, each Scheme Creditor agrees that the First Moratorium Scheme Capitalised Interest shall not be due and payable until the Termination Date or, if a restructuring contemplated by the Non-Binding Restructuring Heads of Terms is implemented and becomes effective, shall be included in the principal amount of the new notes to be issued thereunder and shall be payable on the dates and in the manner set out in the definitive documentation in relation to such restructuring.
Accordingly, in relation to the Notes and the Scheme, the expected timetable of principal events is set out on page 16 of this Explanatory Statement and the anticipated effective date for the Scheme is 30 June 2016.If the Company and the Group are unable to maintain a stable platform during the period of documentation and implementation of the restructuring proposal set out in the Non-Binding Restructuring Heads of Terms it is likely that the Group will need to suspend part or all of its operations.
New subordination arrangements will be put in place in relation to the Notes and the Scheme (see Part B – (Overview of the Scheme) and Part D – (The Scheme)) and in relation to the PXF Facilities and the extension to the PXF Standstill Extension.The Non-Binding Restructuring Heads of TermsOn 24 May 2016 the Company agreed the Non-Binding Restructuring Heads of Terms with the Noteholder Committee and the PXF Co-ordinating Committee.
A vote in favour of or against the Scheme is not a vote in favour of or against the Non-Binding Restructuring Heads of Terms which are appended to Scheme.
Each Scheme Creditor agrees that the First Moratorium Scheme Capitalised Interest shall not be due and payable until the Termination Date or, if a restructuring contemplated by the Non-Binding Restructuring Heads of Terms is implemented and becomes effective, on the dates and in the manner set out in the definitive documentation in relation to such restructuring.