Amigo Holdings Creditors Vote in Favor of New Business Scheme

- Advertisement -


By Joe Hope

- Advertisement -
- Advertisement -

Amigo Holdings PLC said Friday that the majority of its creditors voted for a new business scheme, getting it closer to being able to return to lending, and that it will request a temporary share suspension.

The UK guarantor-loans provider said at a creditors’ meeting held on Thursday that 88.8% of creditors–representing 90% of the value of creditors claims–voted in favor of the new business scheme. Around 83.1% of creditors also voted in favor of a wind down scheme.

- Advertisement -

“Our customers have voted in favor of the new business scheme, which the board of Amigo believes offers the maximum possible redress to creditors,” Chief Executive Gary Jennison said.

For the scheme to become effective, the court needs to sanction it, and a court hearing is expected to be held on May 23 and May 24. If the court doesn’t sanction the new business scheme, Amigo will ask it to sanction the wind down scheme.

The company said it will also request the Financial Conduct Authority to suspend its listing from May 23 until it has time to update the market.

Amigo’s scheme of arrangement–a court-approved compromise agreement between a company and its shareholders or creditors–would enable it to make payouts on customer complaints and allow it to return to lending.

Write to Joe Hoppe at [email protected]

,

Credit: www.marketwatch.com /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox