Home / FINANCE / Markets Insider / Members of Steering Committee of GATE "Old" Noteholders Reject Jul 25 Company Proposal

Members of Steering Committee of GATE "Old" Noteholders Reject Jul 25 Company Proposal

NEW YORK, Aug. 3, 2017 /PRNewswire/ – 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“).  

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“).  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.  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.

View strange content:http://www.prnewswire.com/news-releases/members-of-steering-committee-of-gate-old-noteholders-reject-july-25-company-proposal-300498909.html

SOURCE Steering Committee of GATE “Old” Noteholders

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Verizon tighten to announcing digital streaming understanding with NFL- Bloomberg (VZ)

Nov 17 (Reuters) – Verizon Communications Inc, no. 1 U.S. wireless carrier, is tighten to ...