Stoneway Capital Company and Mezzanine Lenders Enter Amended and Restructured Restructuring Assist Settlement with Particular Function Group of Noteholders to Carry out Restructuring of Current Notes


NEW YORK, March 15, 2021 / PRNewswire / – Stoneway Capital Company (“Stoneway, “and with its subsidiaries and mother or father entities, the”Enterprise“) and an advert hoc group of ticket holders (the”Consent holders“) holding a considerable majority of 10,000% Senior Secured Notes due 2027 (the”Current Notes“) issued by Stoneway have agreed to amend and restate the beforehand disclosed Restructuring Assist Settlement dated September 21, 2020, as amended on November 20, 2020 (with the restructuring situations sheet included as an attachment, the “Current restructuring assist settlement“), entered into as a part of the restructuring transaction proposed by the Firm (the”Transaction“) to be applied in accordance with a company plan of association (as amended and as could subsequently be amended, the”Plan“) below the Canada Enterprise Companies Act (“CBCA“).

The restructuring assist settlement

The phrases and situations of the prevailing Restructuring Assist Settlement have been amended and up to date in accordance with an Amended and Restructured Restructuring Assist Settlement (the “Amended and up to date restructuring assist settlement“) to replicate the next adjustments:

  • The voting deadline, plan approval date and restructuring efficient date (every as outlined within the Amended and Restated Restructuring Assist Settlement) have been modified as follows:
    • Voting deadline: (x) March 31, 2021 or (y) the place relevant, in accordance with an implementation schedule (as outlined within the Amended and Restructured Restructuring Assist Settlement) setting out the required milestones below which the transaction might be applied.
    • Plan approval date: (x) March 31, 2021 or (y) as relevant, in accordance with an implementation schedule setting out the required milestones below which the transaction might be applied.
    • Efficient date of restructuring: (x) March 31, 2021 (of December 14, 2020) or (y) as relevant, in accordance with an implementation schedule setting out the required milestones below which the transaction might be applied.
  • Sure commitments below the heading “Further clauses of the credit score events“have been added, together with, inter alia, with regard to: (i) the Firm promptly delivering written discover to consenting Holders upon receipt (a) of any written notification relating to any authorized proceedings initiated or pursued towards the Firm regarding or involving or which might in any other case adversely have an effect on the operation of the facility stations or (b) any written opinion regarding the Matheu energy plant or the Firm’s allow utility in relation to a noise correction plan regarding the Matheu energy plant (the “Map Matheu“) or another allow essential to function one of many Firm’s energy crops at full capability; and (ii) the flexibility of the advisers of the Consenting Holders to take part in sure conferences with authorities authorities in reference to the Transaction, Plan Matheu or pending litigation regarding the Firm’s Matheu and Lujan energy crops.
  • Sure termination occasions below the heading “Termination occasions“have been added, together with (i) computerized termination of the settlement on March 31, 2021, the date of which may be prolonged till Might 14, 2021 on the sole and absolute discretion of the vast majority of the holders of the Current Notes; (ii) topic to sure exceptions, termination by a majority of the holders of the Current Notes within the occasion {that a} governmental authority grants a standing order or choice stopping the Firm from working one of many crops at full capability; or (iii) any authorities authority points a everlasting order stopping the implementation of the Matheu plan.
  • Upon termination of the Settlement in accordance with its phrases, the events have agreed or consented, because the case could also be, to the rapid lifting of the keep of proceedings described within the Interim Proceedings Order of the CBCA (as outlined herein). under).

Assembly of Noteholders and Last Order Listening to

The Firm will present additional particulars relating to the timing of the assembly of the Current Noteholders (the “Assembly of Noteholders“) to think about and vote on the plan, and the timing of the listening to within the Ontario Superior Court docket of Justice (Industrial Checklist) (the”Search“) to hunt a courtroom order approving the plan, in a subsequent press launch, as soon as these particulars turn out to be out there.

Essential word

The implementation of the Plan is topic to the satisfaction of the closing situations set out within the Restructuring Assist Settlement and stays topic, amongst different issues, to the approval of the Court docket by advantage of a last order.

The amended and restructured Restructuring Assist Settlement doesn’t represent a proposal or acceptance of securities or a solicitation to buy securities or an acceptance of an organizational plan or extrajudicial preventivo provided in reference to any insolvency continuing and any such provide or solicitation will adjust to all relevant securities legal guidelines and another relevant regulation.

About Stoneway

The primary exercise of the corporate is the development, possession and operation of energy technology services situated Argentina.

FORWARD-LOOKING STATEMENTS: Sure info contained on this press launch could comprise forward-looking statements throughout the that means of relevant securities legal guidelines. Using any of the phrases “proceed”, “plan”, “suggest”, “need”, “need”, “imagine”, “anticipate”, “place”, “anticipate”, “enhance” , “enhance” and comparable expressions are meant to establish forward-looking statements. Extra significantly and with out limitation, this doc incorporates forward-looking statements regarding: the important thing phrases of the Transaction; the deliberate course of and timeframe for the implementation of the transaction; the conduct, timing and issues to be thought-about on the assembly of Noteholders and voting on the assembly of Noteholders; deadlines for the submission of proxies and voting directions; the schedule of the Assembly of Holders; and issues to be thought-about and voted on on the Assembly of Noteholders; the treatment sought by the corporate in its proceedings below the CBCA (the “Acts of the CBCA“) with respect to the Plan; the completion of the Transaction, together with with respect to acquiring all obligatory approvals and compliance with all situations and the anticipated schedule thereof; public publication of paperwork and data associated to the Transaction; and the impact of the Transaction.

Ahead-looking statements essentially contain dangers, together with, with out limitation, dangers related to the Firm’s capacity to finish the Transaction on the phrases described on this press launch and in earlier bulletins, the flexibility to Stoneway to obtain all the mandatory courtroom, a 3rd social gathering. and stakeholder approvals to finish the transaction; issues to be thought-about and voted on on the assembly of noteholders; the corporate’s capacity to function within the strange course of proceedings below the CBCA, together with with respect to assembly obligations to service suppliers, suppliers, contractors and workers; the corporate’s capacity to proceed to function; the corporate’s capacity to proceed to appreciate its belongings and meet its liabilities and commitments; the corporate’s future liquidity place and entry to capital to fund present actions and obligations (together with debt obligations); and the corporate’s capacity to stabilize its enterprise and monetary situation.

Though the corporate bases its forward-looking statements on assumptions thought-about affordable when made, they don’t seem to be ensures of future efficiency and precise working outcomes, monetary situation and liquidity, and developments within the trade through which the corporate firm conducts enterprise can differ considerably. such info and statements on this press launch. Different unknown or unforeseeable components might additionally adversely have an effect on the longer term outcomes of the corporate. In view of those uncertainties, readers are cautioned to not place undue reliance on these forward-looking statements. The forward-looking statements included on this press launch are made solely as of the date hereof. The Firm doesn’t intend and assumes no obligation to replace these forward-looking statements, besides as required by regulation.

SOURCE Stoneway Capital Company

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