Source - RNS
RNS Number : 4577O
Golden Key Limited
17 May 2018
 

For Immediate Release:

 

Company Announcement - Confirmation of Final Distribution Amount

 

GOLDEN KEY LTD. (IN RECEIVERSHIP) (IN OFFICIAL LIQUIDATION)

US$5,000,000,000 EURO/US COMMERCIAL PAPER PROGRAMME

US$360,000,000 MEZZANINE NOTE PROGRAMME

US$138,000,000 CAPITAL NOTE PROGRAMME

(CUSIPs AND ISINs ARE SET FORTH ON EXHIBIT A)

16 May 2018

The joint receivers of Golden Key Ltd. (in receivership & Official Liquidation) (the "Company"), being Neville Kahn and Philip Bowers, each of Deloitte LLP of Athene Place, 66 Shoe Lane, London EC4A 3BQ acting without personal liability (the "Receivers") confirmed on 16 May 2018 the amount of the  Final Distribution to the holders of Commercial Paper and to the Liquidity Loan Provider (the "Senior Creditors") as referred to in their notice of 4 May 2018 representing the release of all remaining funds under their control (the "Final Distribution"). 

 

Capitalised terms used in this notice shall, unless specifically defined in this notice, have the meanings set out in the Master Definitions Annex annexed to the Collateral Trust and Security Agreement originally dated 18 November 2005, amended and restated on 18 July 2007 and further amended on 16 September 2008 (a copy of which is available to duly verified holders of Programme Notes on request from the Security Trustee) (the "CTSA").

 

Final Distribution

 

As noted in their announcement of 4 May 2018, the Receivers intend that the Final Distribution shall be made to Senior Creditors who are holders of Commercial Paper through the clearing systems on or about 22 May 2018 (the "Final Distribution Date"). Payments to Senior Creditors who are not holders of Commercial Paper shall be made in accordance with the terms of the applicable agreements also on the Final Distribution Date.

 

The amount available for the Final Distribution will be U.S.$ 1,961,644.50.  The total obligations and liabilities owed to Senior Creditors who are also Long Creditors (see the Receivers' notice of 9 July 2010 for an explanation of this term) before any distributions amount to U.S.$1,428,708,713.52 (the "Pre Distributions Senior Obligations"). Taking into account the Final Distribution (amounting to 0.14% of the Pre Distributions Senior Obligations) and previous distributions (see the Receivers' notices of 21 July and 25 August 2010, 8 February 2013, 15 September 2015, 1 December 2016 and 13 July 2017) amounting to 62.87% of the Pre Distributions Senior Obligations, Senior Creditors with Long Claims will have recovered approximately  63.01% of the Pre Distributions Senior Obligations.

 

Accordingly, the Final Distribution will also be insufficient to allow any payment to the holders of the Capital Notes and Mezzanine Notes or any other party, which is subordinate to the Senior Creditors in the applicable Priority of Payments.

 

The Receivers intend to make the Final Distribution in accordance with the terms of the Transaction Documents taking into account the agreements reached with Senior Creditors in respect of their claims under (i) an omnibus settlement deed dated 2 July 2010 between the Company, the Security Trustee (acting on a direction of the Majority Secured Parties), the Receivers (acting as agent of the Company and without personal liability), certain holders of USCP Notes, certain holders of Euro CP Notes and the Liquidity Loan Provider and (ii) a liquidity settlement deed dated 2 July 2010 between the Company, the Receivers (acting as agent of the Company and without personal liability), the Security Trustee (acting on a direction of the Majority Secured Parties) and the Liquidity Loan Provider. Any portion of the Final Distribution in respect of claims denominated in currencies other than US dollars will be converted into the relevant currency at the spot rate for the sale of U.S. Dollars for the relevant currency in the London foreign exchange markets at noon on the day which falls two business days before the Final Distribution Date.

 

Write down and cancellation of notes

 

Pursuant to the Limited Recourse provisions of the CTSA, on payment of the Final Distribution, all remaining Secured Obligations shall be deemed extinguished.  The Commercial Paper, the Mezzanine Notes and the Capital Notes will be written down to zero and cancelled after the Final Distribution Date.

 

Dissolution of the Company

The joint receivers take note that the joint official liquidators have applied to the Grand Court of the Cayman Islands for an order that the Company be dissolved and that a dissolution hearing  has been listed for 9am on 28 May 2018 after which (should the Court see fit) the Company will be dissolved.

 

Contact Details

Should you have any queries concerning the information contained in this notice you may contact the Receivers as follows:

Deloitte LLP

PO Box 810

Athene Place

66 Shoe Lane

EC4A 3BQ

Attn:                 Neville Kahn/Philip Bowers

Telephone:        + 44 20 7936 3000

Facsimile:         + 44 20 7007 3442

e-mail:              [email protected]

 

Important Information

Please note that nothing in this document is intended to amount to an invitation or inducement to engage in investment activity. Nothing in this document amounts to the giving of advice. If you are in any doubt as to the action you should take, you should consult a professional adviser.

 

This notice is given by

NEVILLE KAHN and PHILIP BOWERS AS JOINT RECEIVERS OF GOLDEN KEY LTD. (IN RECEIVERSHIP) (IN OFFICIAL LIQUIDATION) WITHOUT PERSONAL LIABILITY

 

EXHIBIT A

 

GOLDEN KEY LTD. (IN RECEIVERSHIP) (IN OFFICIAL LIQUIDATION)

US$5,000,000,000 EURO/US COMMERCIAL PAPER PROGRAMME

US$360,000,000 MEZZANINE NOTE PROGRAMME

US$138,000,000 CAPITAL NOTE PROGRAMME

 

 

ISINs

XS0301021423

XS0302215677

XS0303369416

XS0303458516

XS0304033128

XS0304996977

XS0305093741

XS0307255900

XS0307419514

XS0308022333

XS0308383784

XS0308497527

XS0313529918

XS0314132738

XS0314533729

XS0236184783

XS0236206859

XS0236208806

XS0299910652

XS0299910736

XS0299910819

XS0312280349

XS0312280851

XS0312281313

 

 

 

     CUSIPs

38108EAB6

38108KVP8

38108KVQ6

38108KVX1

38108KW44

38108KW51

38108KW77

38108KWB8

38108KWE2

38108KWH5

38108KWJ1

38108KWK8

38108KWL6

38108KWQ5

38108KWR3

38108KWU6

38108KX27

38108KX50

38108KXA9

38108KXF8

38108KXK7

38108KXQ4

38108KXR2

38108KXV3

38108KY91

38108KYD2

38108KYW0

38108KZ58

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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