Examples of Existing Senior Creditors in a sentence
Shareholders would be likely to receive NIL recovery in a liquidation scenario and will only be entitled to any recovery (if at all) after Existing Senior Creditors and all other senior unsecured creditors as well as Existing Perpetual Capital Securities Holders have been repaid in full.
On the Restructuring Effective Date, all Surplus Cash as at such date to be distributed to the Existing Senior Creditors pro rata to Existing Senior Claims.
Existing Senior Creditors will not participate in the Facilities directly, or be party to the Facility Agreement, but each Existing Senior Creditor will indirectly participate through a Participant which it selects and which agrees to be a Participant on behalf of that Existing Senior Creditor.
Based on US$3.45 billion of debt plus accrued interest due to the Existing Senior Creditors1, the Shareholders, as equity holders, would very likely receive NIL recovery in a liquidation of NGL and only be entitled to any recovery (if at all) after the Existing Senior Creditors and all other senior unsecured creditors as well as Perpetual Capital Securities Holders have been paid in full.
In connection with their vote on the Schemes, Existing Senior Creditors to be entitled to elect to risk participate in an amount of the New Trade Finance Facility pro rata to their Existing Senior Claims in accordance with paragraph 3.2(a) below.
As set out in the restructuring term sheet annexed to the Restructuring Support Agreement (the Restructuring Term Sheet), it is anticipated that all Existing Senior Creditors (as defined in the Restructuring Term Sheet) will have the opportunity to take exposure in relation to the Facilities.
On the Restructuring Effective Date, the equity ownership of New Noble is envisaged to be held as follows: (a) 20% by Existing Shareholders1; (b) 70% by Existing Senior Creditors (through the Senior Creditor SPV); and (c) 10% by Management (through the Management SPV).
Following the execution of the RSA between, among others, the Company and the Ad Hoc Group representing in aggregate 46% of the Existing Senior Creditors on 14 March 2018, the Singapore Exchange Securities Trading Limited (the “SGX”) has requested that the Company provide certain clarifications in respect of certain of the terms of the RSA and the proposed implementation of the Restructuring set out therein.
Next Steps and Additional Information The Company would like to emphasise that all Existing Senior Creditors are invited to risk participate in the New Money Debt and the Restructuring provides that such Existing Senior Creditors will, as an incentive for their continued support of the Group through the New Trade Finance Facility and New Hedging Support Facility, receive differentiated restructuring consideration.
The Facilities provide essential trade finance which is needed to maintain the Group’s business• The Group is seeking continued support from its Existing Senior Creditors for its operations and businesses following the implementation of the Restructuring in order to allow the Group to return to profitability for the benefit of its stakeholders.