Update – Announcement of proposed scheme of arrangement, pursuant to Part 26 of the Companies Act 2006, for a full and final settlement in respect of surplus entitlements and the payment of statutory interest – creditor consultation – 22 May 2018

Further to the announcement made on 14 May 2018, a copy of which can be accessed here, Scheme Meetings are to be held on Tuesday 5 June 2018 at 4pm London time for the purpose of voting on the proposed scheme of arrangement. 

Creditors are reminded that the future of LBIE’s administration will be determined by whether the proposed scheme is approved by the requisite majority of creditors and sanctioned by the High Court. The Joint Administrators are recommending that all creditors entitled to vote at the Scheme Meetings approve the scheme for the reasons set out in the Explanatory Statement (a copy of which can be accessed here) and explained to creditors on the Update Call held on 16 May 2018.

To the extent that creditors wish to consult with other creditors in advance of the Scheme Meetings: 

(i) Deutsche Bank AG and Goldman Sachs International, who have raised concerns about the proposed scheme; and 

(ii) members of the Wentworth Group, who have committed to support the scheme,

have indicated a willingness to discuss the scheme with other creditors. Should a creditor wish to be connected with any of the above parties, or if a creditor has questions for the Joint Administrators in respect of the proposed scheme, it is invited to contact the Joint Administrators by email to schemequeries@lbia-eu.com. 

Creditors, of course, should also consider taking their own independent advice in relation to the proposed scheme.