EA Partners in discussions with local noteholders in UAE

By Marisa Wong

Los Angeles, Dec. 19 – EA Partners I BV and EA Partners II BV announced some updates relating to their $700 million 6 7/8% notes due 2020 and $500 million 6¾% notes due 2021, respectively.

Following the extraordinary general meetings of noteholders convened on Dec. 3, during which the proposed extraordinary resolutions were overwhelmingly passed, and after a series of recent meetings with strategic local noteholders in the United Arab Emirates, the steering committee of noteholders confirms that it is now in contact with representatives of substantially all of the holders of the notes.

The discussions with the local noteholders were focused on alternatives that would enable a consensual resolution of the issues pertaining to the notes, according to a news release. These issues include an ongoing event of default with respect to interest payments due under the notes and critical deficiencies in the provision of information by the underlying obligors as required under the various loan agreements.

EA Partners said the steering committee’s priority is to find a mutually agreeable solution that enables a final resolution of these matters.

The committee can be contacted through its financial adviser, PJT Partners (UK) Ltd., at eapartners@pjtpartners.com.

EA Partners is an Amsterdam-based provider of air transportation services.

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