Co-op Bank gets go-ahead for restructuring meetings
Source - SMW
The High Court has granted the Co-operative Bank permission to convene meetings of tier 2 noteholders and shareholders to consider the creditors' and members' schemes of arrangement for its restructuring.
The bank announced on 28 June its support for the equity capital raise and recapitalisation proposal from an ad hoc committee consisting of certain existing tier 2 noteholders and shareholders.
On 14 July, the bank announced the launch of the creditors' scheme of arrangement and the members' scheme of arrangement through the publication of the practice statement letter.
The bank has confirmed that the High Court has granted the bank permission to convene meetings of tier 2 noteholders and shareholders, in order to allow them to consider the creditors' and members' schemes of arrangement relating to and implementing the restructuring.