NEW YORK, Aug. 3, 2017 /PRNewswire/ –Â On July 10, 2017, Global AT Electronics, Ltd. (“GATE“, and collectively with a affiliates and subsidiaries, a “Company“) and a members of a steering cabinet (the “Steering Committee“) of an ad hoc organisation of holders of GATE’s $625 million 10.0% records released on or about February 7, 2013 (the “Old Notes“) executed confidentiality agreements to promote restructuring discussions among a members of a Steering Committee, a Company, a Company’s equity sponsors, and certain holders of GATE’s $502 million 10.0% records released on or about September 30, 2013 (the “New Notes“).Â Â
On August 1, 2017, GATE publicly disclosed certain information pursuant to a Confidentiality Agreements, including a terms of a intensity “consensual restructuring” due by a Company (the “Initial Company Proposal“).Â In further to a Initial Company Proposal, on July 25, 2017, a advisors to a Steering Committee perceived a following due terms (the “July 25 Proposal“) from Moelis Company, a Company’s investment banker:
The members of a Steering Committee unanimously deserted a July 25 Proposal.Â The members of a Steering Committee demeanour brazen to stability negotiations with a Company’s advisors and wish to strech agreement on a terms of a restructuring with a Company and a equity sponsors.
The members of a Steering Committee as good as a ad hoc organisation are represented by Milbank, Tweed, Hadley McCloy LLP and PJT Partners.
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SOURCE Steering Committee of GATE “Old” Noteholders