Winsway Enterprises schemes of arrangement approved by bondholders

By Caroline Salls

Pittsburgh, May 3 – Winsway Enterprises Holdings Ltd. said 96.5% of bondholders by number and holders of 98.3% of the bonds by value approved its schemes of arrangement at meetings held Tuesday in Hong Kong and the British Virgin Islands.

According to a news release, the schemes have been approved by the requisite majority of bondholders.

Winsway said it will now ask the Hong Kong and British Virgin Islands courts to sanction the schemes.

As previously reported, a hearing in the British Virgin Islands for sanctioning of the scheme is scheduled for May 11, a hearing in Hong Kong for sanctioning of the scheme is scheduled for May 17, an extraordinary general meeting will be held on May 16, and the company’s share consolidation will take effect on May 17.

The company’s restructuring effective date is expected to be June 23.

Winsway is a Hong Kong-based importer of coking coal. The company filed bankruptcy on April 6 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 16-10833.

© 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.