Escher Marwick 6% notes’ administrators’ proposals approved

By Wendy Van Sickle

Columbus, Ohio, April 16 – Escher Marwick plc said the proposals of the administrators for its 6% notes due 2022 (ISIN: GB00BD36YT22) are deemed to have been approved by the creditors after expiry of the required period following circulation of the proposals.

Escher Marwick said it did not receive payments due to it from Chip Chip Holdings Ltd., and as a result did not have sufficient funds to pay its noteholders on Jan. 27, as previously reported.

As a result, Chip Chip and eight of its subsidiaries were placed into administration on Feb. 3.

In respect of the subsidiaries, the administrators are required to seek a decision from creditors of Chip Chip as to approval of the administrators' proposals and the appointment of a creditors' committee, to assist the administrator in the discharge of its functions and decide the basis of the administrators' remuneration, among other things.

Escher Marwick has received a voting form in respect of the creditors' decision, which it will complete and submit by April 20.

Based in London, Escher Marwick offers funding for property and renewable energy sectors and provides export finance to oil and gas sectors.

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