Bejing, China-based Winsway Enterprises Holdings Limited (f/k/a Winsway Coking Coal Holdings Limited) filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 16-10833. The Company, which processes and trades in coking coal and other products in the Peoples Republic of China and internationally, is represented by Michael J. Venditto of Reed Smith. The Company recently initiated Scheme of Arrangement proceedings in both the Commercial Court of the British Virgin Islands and the High Court of Hong Kong.
According to documents filed with the Court, “The Company and the Subsidiary Guarantors have entered into the RSA with the Consenting Scheme Creditors. As at the date of this Explanatory Statement, Scheme Creditors holding Notes in an aggregate principal amount of approximately US$257,281,000, representing approximately 83.2% by value of the outstanding principal amount of the Notes, have acceded to, and are bound by the terms of, the RSA. Pursuant to the RSA, the parties thereto have agreed (among other things) to take all actions reasonably necessary to take in order to support, facilitate, implement or otherwise give effect to the Restructuring…as soon as reasonably practicable and by no later than 17 June 2016 (or such later date as may be agreed by the Company and Steering Committee Majority….The commercial terms of the Debt Restructuring (as documented in the Schemes) provide (among other things) that the Scheme Claims of the Scheme Creditors shall be released in full.”
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