SoLocal rights issue upheld by appeals court, restructuring to settle

New York, March 10 – SoLocal Group said that the Court of Appeal of Versailles upheld the order of the President of the Commercial Court of Nanterre rejecting a challenge to the rights issue that is part of the company’s restructuring plan.

Consequently settlement of the rights issue and securities subscribed to by the company’s creditors will take place on March 13, according to a news release.

On Jan. 13 the Nanterre court dismissed an application by Benjamin Jayet for interim measures suspending implementation of the resolutions adopted at the company’s general meeting on Dec. 15.

The appeals court upheld that decision, the Friday news release said.

In addition to the rights issue, the ruling also covers the issuance of securities under the company’s restructuring plan.

Jayet had requested that implementation of the resolutions be put on hold until a decision can be taken on their merits.

Proceedings started by Jayet in order to obtain a decision on the merits continue, the company added.

SoLocal said it has asked Euronext Paris to resume trading in its shares from the start of business on Friday.

Creditors will receive 80,542,087 shares – a number updated from 80,366,971 shares previously – worth €363.24 million.

Shareholders and investors will own 64.18% of the company’s capital following completion of the restructuring while creditors will have 35.82%.

SoLocal is a Boulogne-Billancourt, France, online communications company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.