Financial Restructuring Clause Samples
The Financial Restructuring clause outlines the procedures and conditions under which a party may reorganize its financial obligations, assets, or corporate structure. Typically, this clause details the steps required for restructuring, such as obtaining creditor approval, providing notice to stakeholders, or adhering to specific legal requirements. Its core function is to provide a clear framework for managing significant financial changes, thereby reducing uncertainty and protecting the interests of all parties involved during periods of financial distress or transition.
Financial Restructuring. On September 30, 2002 we announced that we had reached a non-binding preliminary agreement relating to a restructuring of our balance sheet with an ad hoc committee of our bondholders (the `Bondholder Committee'). That agreement provided for the cancellation of all outstanding notes and debentures (the `Notes') (approximately (pound)3.5 billion) and certain other unsecured foreign exchange hedge contracts (the `Hedge Contracts') (approximately (pound)33 million) in exchange for new ordinary shares (the `New Shares') representing 97% of our issued share capital immediately after the Financial Restructuring. Under that agreement our current ordinary shareholders would have received the remaining 3% of our issued ordinary share capital. -------------------------------------------------------------------------------- TELEWEST COMMUNICATIONS PLC US GAAP UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -------------------------------------------------------------------------------- NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS We also announced on September 30, 2002 that we were deferring payment of interest under certain of our Notes and the amounts due as a result of the settlement of the Hedge Contracts. Such non-payment continues and has resulted in defaults under our Existing Facility and a number of other financing arrangements. Based on one such default, in respect of non-payment of approximately (pound)10.5 million to a Hedge Contract counter-party, that counter-party has filed a petition with a UK Court to wind us up. We intend to deal with this claim as part of the overall restructuring of our unsecured debt obligations and do not believe that the legal action will significantly delay or impede the Financial Restructuring process. We expect to meet our obligations to our suppliers and trade creditors and this legal action is expected to have no impact on customer service. On January 15, 2003, we announced that we had reached a non-binding agreement with respect to the terms of amended and restated credit facilities with both the steering committee of our Senior Lenders and the Bondholder Committee. In addition, the terms of these facilities had received credit committee approval, subject to documentation and certain other issues, from all of our senior lenders (the `Senior Lenders'), save for those banks which are also creditors by virtue of the unsecured Hedge Contracts with which we will deal in the overall Financial Restruc...
Financial Restructuring. On or before the following dates, Borrower shall deliver the following to Agent:
(a) September 30, 2003: a certified copy of the resolution or unanimous consent of Borrower's board of directors detailing Borrower's refinancing strategy for the Obligations hereunder;
(b) October 31, 2003: list of qualified financial institutions chosen by Borrower for such refinancing; and
(c) November 30, 2003: memorandum concerning Borrower's long term business plan and proposed terms for refinancing.
Financial Restructuring. On September 30, 2002, we announced that we had reached a preliminary agreement relating to a financial restructuring (the "Financial Restructuring") with an ad hoc committee of our bondholders (the "Bondholder Committee"). That agreement provides for the cancellation of all outstanding notes and debentures ("the Notes"), representing approximately (pound)3.5 billion of indebtedness, issued by the Company and Telewest Finance (Jersey) Limited and certain other unsecured foreign exchange hedge contracts ("the Hedge Contracts") of the Company in exchange for New Ordinary Shares ("New Shares") representing 97% of the issued share capital of the Company immediately after the Financial Restructuring. The Company's current ordinary shareholders will receive the remaining 3% of the Company's issued ordinary share capital.
Financial Restructuring. SECTION 3.01.
Financial Restructuring. Financial restructuring undertaken Final transfer and absorption of the employees in the new companies immediately after the division of MPEB staff is completed. Further reduction in transmission / distribution system and enhancement of collection needed
Financial Restructuring. Agent and Lenders acknowledge that Borrowers have indicated their intention to pursue a financial restructuring, which may be effected through, among other things, raising additional equity, the conversion of existing non-senior debt to equity, and/or obtaining replacement debt financing which, when taken together, will be sufficient to repay and satisfy the Debt in full (a "Restructuring"). Agent and Lenders acknowledge and agree that Borrowers, at their option and with the assistance of the Lead Investment Banker, concurrently with the Sale Transaction process set forth herein in Section 2(g) as a condition to forbearance, may pursue a Restructuring. Notwithstanding the foregoing, in no event shall the process of attempting to complete a Restructuring replace, mitigate or diminish in any way the conditions to forbearance relating to the completion of a Sale Transaction and the Sale Transaction process contained in Section 2(g) hereof absent the full repayment and satisfaction of the Debt.
Financial Restructuring. The financial restructuring of [credit institutions and investment firms]1) is to be understood as measures intended to maintain the financial position of a credit institution [and investment firm]1) or to restore it to normal and which could affect prior rights of third parties, including measures which could conceivably involve a moratorium, postponement of enforcement measures or reduction of claims. If a credit institution [and investment firm]1) has its head office in Iceland, financial restructuring shall mean granting a moratorium and authorisation to seek composition as provided for in the Act on Bankruptcy etc., No. 21/1991. [Financial restructuring also includes liquidation actions taken on the basis of the Act on Recovery and Resolution of Credit Undertakings and Investment Firms.]1) Act no. 21/1991 on Bankruptcy etc. shall apply with regard to a credit institution [and investment firm]1)’s moratorium and authorisation to seek composition and to the implementation of such measures, unless otherwise provided for by this Act. [If a financial undertaking has been granted a moratorium, it is sufficient to publish the announcement of a meeting, as provided for in the second paragraph of Art.13 and the fifth paragraph of Art.17 of the Act on Bankruptcy etc., with an advertisement published in at least two daily newspapers in Iceland and in each of those states where branches were operated.]2)
. 3) When a credit institution or investment firm undergoes financial restructuring or liquidation proceedings as part of resolution proceedings based on the Act on Recovery and Resolution of Credit Undertakings and Investment Firms, the provisions of that law shall apply to confidentiality regarding consultation with competent authorities in other Member States.]1)]4)
1) Act no. 70/2020, Art.103. 2)Act no. 44/2009, Art.
Financial Restructuring. On or before the following dates, the Company shall deliver the following to the Noteholders:
(a) September 30, 2003: a certified copy of the resolution or unanimous consent of the Company's board of directors detailing the Company's refinancing or restructuring strategy for the obligations outstanding under the Senior Credit Agreement, the Notes and the other Note Documents;
(b) October 31, 2003: list of qualified financial institutions chosen by the Company for such refinancing or restructuring; and
(c) November 30, 2003: memorandum concerning the Company's long term business plan and proposed terms for such refinancing or restructuring.
Financial Restructuring