Waterfall II Application (the “Application”) – Third Tranche Hearing – The Joint Administrator's Witness Statement in relation to the French Law Issues – 8 October 2015

On 14 September 2015, we notified you of recent developments in respect of the French Law Issues and the Joint Administrators’ intention, subject to no concerns being raised by creditors by 4pm on 7 October 2015, to ask the Court at the Pre-Trial Review, listed for 9 October, to remove from the Application the French Law Issues in respect of the FBF and AFB Master Agreements. Please see Section 1 of our 14 September notice for details of this proposal. 

Today, consistent with the Joint Administrators' approach in endeavouring to provide the Court with the benefit of all sensible arguments on the issues, the Joint Administrators filed the Thirteenth Witness Statement of Anthony Victor Lomas and its Exhibit of the same date. The purpose of the Joint Administrator’s Witness Statement is, in advance of the Pre-Trial Review listed for 9 October, to explain the background to the French Law Issues and the reasons for seeking the Court’s permission to remove issues 22 to 26 (inclusive) from the scope of the Application.  

The Joint Administrators consider it to be appropriate for the Court to have the benefit of the evidence set out in this Witness Statement and its Exhibit, a copy of which can be found below:  

The Thirteenth Witness Statement of Anthony Victor Lomas and Exhibit AVL13.  

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com