NEW YORK, July 9, 2021 / CNW / – The restructuring support agreement dated September 21, 2020, modified November 20, 2020, and modified again March 15, 2021 (the “RSA“), entered into by Stoneway Capital Corporation (“Stone path, “and with its subsidiaries and parent entities, the”Society“) and an ad hoc group of noteholders holding a substantial majority of the 10,000% Senior Secured Notes of the Company due 2027 (the”Existing Notes“) in connection with the proposed restructuring transaction previously announced by the Company (the”Transaction“) intended to be implemented pursuant to a corporate plan of arrangement (the”Plan“) under the Canada Business Corporations Act (the procedure hereunder, the “CBCA procedure“) automatically ends on March, 31st, 2021.
At April 7, 2021, Stoneway and five affiliated debtors (the “Debtors“) each has made a voluntary claim for redress under Chapter 11 of the United States Bankruptcy Code in United States New York Southern District Bankruptcy Court. The Chapter 11 cases of debtors (the “Chapter 11 Cases“) are pending before the Honorable Judge James L. Garrity, Jr. and are administered jointly under No. 21-10646. The Debtors believe that the CBCA Proceedings were discontinued on April 15 so that it is no longer on hold. Accordingly, no meeting of existing Noteholders to review and vote on the Plan is currently contemplated, and all selections made under the automated take-over bid program of the Depository Trust & Clearing Corporation in the part of the operation can be considered canceled.
The main activity of the Company is the construction, ownership and operation of power generation facilities located in Argentina.
FORWARD-LOOKING STATEMENTS: Certain information contained in this press release may contain forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements necessarily involve risks, including, without limitation, risks associated with the Company’s ability to operate in the normal course of Chapter 11 procedures, including with respect to fulfilling obligations to customers. service providers, suppliers, contractors and employees; the Company’s ability to continue operating; the Company’s ability to continue realizing its assets and meeting its debts and commitments; the Company’s future liquidity position and access to capital to fund operations and outstanding obligations (including debt obligations); and the Company’s ability to stabilize its activities and financial condition.
Although the company bases its forward-looking statements on assumptions considered reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry. in which the company operates, may differ materially from such information and statements contained in this press release. Other unknown or unforeseeable factors could also adversely affect the Company’s future results. In view of these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company does not intend and assumes no obligation to update these forward-looking statements, except as required by law.
SOURCE Stoneway Capital Corporation
For further information: David Mack, Director, (212) 856-9700 (x06), 410 Park Avenue, Suite 900, New York, NY 10022; Juan I. Sánchez Alcázar, Director of Restructuring, Av. Del Libertador 498, 15th Floor, Buenos Aires (C1001ABR), Argentina; For more information on Chapter 11 cases, please contact: Prime Clerk, (877) 720-6615, https://cases.primeclerk.com/StonewayCapital