Extension for Asbestos Loan Given
Article Added March 1st, 2006 - Print This Story - Bookmark This Story
A business that received funding for their asbestos settlement has been assured that an extension is on the way. The UK business was due for payoff within the year.
Loan facilities will be extended by the bank that endorsed Cape PLC which was aimed at satisfying asbestos-related claims likely to be made against the company. The agreement was made in advance of the lawsuits that have been introduced to London courts. The purposed scheme has undergone review by the group after continuing discussions with interested parties, which include claimants, victim support groups and their representatives.
A number of issues have been raised by the legal and financial reviews, resulting in Cape amending it’s proposals in the Scheme. Later this week, the next phase of the Scheme will take place. This will consist of Cape making an application to the High Court to seek an order of convention, a meeting between all the Scheme creditors. The meetings are projected to take place in May of 2006. An Extraordinary General Meeting (EGM) will be called by Cape to approve its amendments to the proposal. This EGM is tentatively planned for April of this year. A condition of the draw down is that the Scheme would become effective no later than the end of June.
Article Added March 1st, 2006 - Print This Story - Bookmark This Story
- Ron Eddins, Founding Partner
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