Examples of PXF Lenders in a sentence
The current standstill arrangements between the Company and the PXF Lenders under the PXF Standstill and the proposed moratorium under the Scheme cannot, in the Company’s view, be extended to its providers of trade finance.
These markets will not reach the size of the North Sea, but over the longer term are clearly interesting.Meanwhile, we are also partnering with CIP once again and Danish energy company Andel Holding on the tender process in Denmark to develop the 800-1,000MW Thor wind farm off the country's west coast.These are initial steps, taken with partners who have the local knowledge that complements our developer expertise, and there will be more to come.
The Company therefore considers that the lenders under these loans should not be Scheme Creditors.As discussed in paragraph 2 above, Part B (Overview of the Scheme) and Part D (The Scheme), these Shareholder Loans were subject to subordination arrangements in favour of the PXF Lenders and Noteholders which expired on 27 May 2016.
On 1 December 2015 the Company entered into a contractual standstill arrangement (the PXF Standstill) with certain PXF Lenders which provides for a forbearance on the taking of enforcement action or the initiation of insolvency proceedings by the PXF Lenders who sign the PXF Standstill until 29 January 2016 unless the standstill period has been extended.
In the case of the Notes, fees shall be paid to the holders as of the record date established for purposes of voting in connection with the scheme, and the timing of payments remains subject to confirmation as to payment logistics with relevant paying agents and clearing systems, but in any case payments shall not be made earlier than the effective date of the restructuring and no earlier than the date on which the fees are paid to the PXF Lenders.
If the Company is successful in agreeing a consensual rescheduling with its Noteholders and the PXF Lenders the Company anticipates that it will be able to repay the full principal amount outstanding to its creditors in accordance with the terms of the Company’s Proposal.
PXF Lenders means the lenders participating in the PXF Facilities.
If this assumption proves to be incorrect, then the recoveries for Noteholders, if any, in bankruptcy proceedings of the Company are likely to be substantially lower.The estimated return also assumes that the subordination of the Shareholder Loans in favour of the Notes and the PXF Lenders respectively referred to in paragraph 2 above would be in effect at the point of insolvency.
In order to maintain the stability of the Group during the period in which a restructuring of the Company’s obligations to its creditors (including the holders of the Notes and the PXF Lenders) (a Restructuring) is agreed and implemented, the Company is seeking to maintain and extend the standstill arrangements currently in place in respect of the PXF Facilities (see paragraphs 24 to 26 below) and to implement the proposed moratorium under the Scheme.
The Company is liable to make further scheduled debt repayments under its PXF Facilities from 8 June 2016 to 30 November 2016 totalling approximately U.S.$126 million, unless a Restructuring is implemented prior to that date.The PXF Co-ordinating CommitteeOn 12 May 2015 the PXF Lenders formed the PXF Co-ordinating Committee and negotiations commenced for a standstill agreement with the PXF Lenders.