Update on the approval process of the plan of legal protection proceedings
TO THE CREDITORS OF AS VALMIERAS STIKLA ŠĶIEDRA
Valmiera, 3 September 2019
On 18 June 2019, the Court for the District of Vidzeme approved motion by AS VALMIERAS STIKLA ŠĶIEDRA (the Company) to enter legal protection proceedings (LPP). 18 September 2019 was set by the Court as final date for the submission of LPP plan of the Company (the LPP Plan) and obtaining approvals by the Company’s creditors.
In accordance with Section 40, Paragraph 2 of Latvian Insolvency Law, the required majority of creditors have agreed to extend the term for submission and approval of the LPP Plan, and with the decision of 27 August 2019 the Court has extended the deadline to 19 September 2019.
The Company would like to inform the creditors that draft LPP Plan has been prepared by the Company in collaboration with financial and legal consultants, and will be delivered to all of the Company’s creditors within this week. At this stage, negotiations are being completed to attain reconciliation of the Plan with the secured creditors of the Company, whose support for the Plan is one of the preconditions for implementation of LPP and obtaining approval of the LPP Plan by the Court.
The Company would like to advise creditors in a timely matter also regarding the formalities related to rendering of approval for LPP Plan. Namely, the creditors will be requested to attach to the acknowledgment of approval of the LPP Plan an original document, or certified copy of the original document, confirming the authority of the representative to act on the creditor’s behalf (i.e. power of attorney, extract from the relevant public registry). Therefore, the Company kindly requests that you prepare such documents confirming the authority to act on behalf of the creditor in a timely manner.
In order to ensure smooth approval of the LPP Plan, the Company will propose that you sign all the necessary documentation by way of attaching to the document a secure electronic signature and sending it to us electronically, if at all possible. If you will opt to deliver to us original printed document signed by attaching a physical signature, the Company kindly requests that, to the extent possible, you would rely on overnight courier service or priority A postal service to ensure safe delivery.
The Company would like to express gratitude to all of its creditors and business partners for their support that is critical to ensuring continued business operation of the Company in the interests of all creditors.
Should you have any questions or concerns, please get in touch with the Company via your customary communication channel.
Management Board of AS VALMIERAS STIKLA ŠĶIEDRA
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 64202216