Amigo Holdings Warns of Insolvency if New Business Program Isn't Approved
24 Janeiro 2022 - 5:32AM
Dow Jones News
By Sabela Ojea
Amigo Holdings PLC said Monday that if its new business program
doesn't receive court approval Amigo Loans Ltd. will enter a
wind-down program or insolvency.
The U.K. provider of guarantor loans said that if the program
isn't approved redress creditors would receive less than under the
new business program, and the company's shareholders would receive
nothing in respect of Amigo Loans.
The company said early in December that its new business program
proposes an initial contribution to its creditors of 97 million
pounds ($131.5 million), to be generated from internal
resources.
"Should creditors vote for the new business scheme and the court
subsequently approve it, these provisions provide additional
protection for creditors and address certain of the concerns raised
by the court above the previous scheme. They are necessary for
Amigo to survive and avoid insolvency," Chief Executive Gary
Jennison said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 24, 2022 03:17 ET (08:17 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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