Upon emergence, PHI's unsecured creditors
will own 100% of the company's equity, subject to the issuance of warrants to current equity holders and future dilution.
Briefly, a CVA is a binding agreement between a company and its unsecured creditors
. It seeks to adjust the business structure, write off some debts and repay other unsecured creditors
to the extent possible over a specified period of time.
The downgrade of BoC`s long-term senior unsecured debt programme rating to `CCC`, two notches below the bank`s Long-Term Issuer Default Rating (IDR) of `B-`, reflects Fitch`s view that "recovery prospects for the bank`s senior unsecured creditors
are now poor following the adoption of full depositor preference.
class="font-size--16The lawyer also noted the existence of unsecured creditors
who must be paid, and that the dispute entails liquidation and administration of the company by creditors.
Other unsecured creditors
include HMRC to the tune of around PS3m, employee-related amounting to PS5m and inter-company debt across the group of around PS21m.
LIQUIDATORS at PwC will distribute a further PS5.2 million to unsecured creditors
related to the collapse of MG Rover Group 14 years ago.
to collapsed car maker MG Rover are to receive a further PS5.2m from the group's liquidator PwC.
Johnson has represented secured and unsecured creditors
in commercial litigation, commercial bankruptcies and receiverships; buyers of assets in bankruptcy sales; trustees; and unsecured creditors
The Court also approved the company's Restructuring Support Agreement with Mercuria, the Official Committee of Unsecured Creditors
of Aegean, American Express Travel Related Services Company and certain holders of the company's unsecured convertible notes.
of failed Birmingham motor manufacturer MG Rover Group will receive PS50.9million in new payouts.
But Sears can't be saved, the unsecured creditors