PlusPlus Capital Financial S.à r.l. Receives Court Approval for Reorganization

PlusPlus Capital Financial S.à r.l., based in Luxembourg, has received approval from the District Court of Luxembourg to commence a judicial reorganization process. The court's decision, made on 12 April 2024, allows for a collective arrangement under Luxembourg law. This decision grants PlusPlus a stay of proceedings until 12 August 2024 concerning its payment obligations for the senior secured bond identified by ISIN XS2502401552.

Following the court's approval, PlusPlus Capital Financial will notify each creditor of the senior secured bonds individually through clearing systems or other electronic means. The notification will include details about their claim amounts and any securities or liens tied to these claims. During the stay period, the issuer will prepare a reorganization plan, which will later be presented to creditors for ratification via a voting process. A final court hearing will then confirm the reorganization plan.