Event Publicly Available Information:
Since the DC has concluded that the EUR 634m term loan facility maturing in June 2026 (which was replaced by the Reinstated Facility) was a Multiple Holder Obligation, must one of the GBP Term Loan and the RCF independently be determined to be a Multiple Holder Obligation in order for the Reinstated Facility to inherit their maturities for the purposes of 3.32(a) of the 2014 Definitions (as contemplated in Section 2.6(b) of the meeting statement published by the DC on April 28, 2023 (the “April 28 DC Statement”)), given that the amendments that constituted the Restructuring required unanimous consent from the holders of each of the relevant loan obligations in order to become effective? For the purposes of this question, the terms “Reinstated Facility”, “GBP Term Loan” and “RCF” shall have the meaning given to them in the April 28 DC Statement.
The Eligible Market Participant who submitted the potential DC question provided the following documents in support of their question:
- Skeleton Argument on Vue’s behalf in respect of proposed Scheme of Arrangement (available on Reorg Research in an article from 27 July 2022 entitled ‘Vue Passes Convening Stage of English Scheme of Arrangement’): https://app.reorg.com/v3#/items/intel/6169?item_id=185405
- Vue’s Press Release: https://vue-international.com/our-media/press-releases/vue-completes-recapitalisation
- Jubilee Topco Limited entry on Jersey Registry (including ownership information): https://www.jerseyfsc.org/registry/registry-entities/entity?registryEntityId=3167601
- Barings European Loan Limited Annual Report for year ending 31 December 2022: Available at Irish Companies Registry: https://core.cro.ie/
- Kroll Landing Page in respect of Restructuring: https://deals.is.kroll.com/vue
| Date | Description | Document |
|---|---|---|
| Closed | EMEA DC Meeting Statement - 26 July 2023 The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Thursday 27 July 2023 to continue discussions. Note: This DC Question has been closed. Further updates with respect to the Reference Entity will be published on the page for DC Issue 2023020201. | |
| Ongoing | ||
| Ongoing | EMEA DC Meeting Statement - 18 July 2023 The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC is currently deliberating the issues set out in the EMEA DC Meeting Statement published on 28 June 2023, and agreed to meet again on 21 July 2023 to continue discussions. | |
| Request Accepted by DC | Note: Pursuant to DC Rule 2.4(b), the EMEA DC agreed to defer holding the first meeting to deliberate DC Question 2023062601 to Wednesday, 5 July 2023. Pursuant to DC Rule 2.4(d), the EMEA DC also agreed to extend the deadline for holding a binding vote with respect to DC Question 2023062601 pending deliberation by the EMEA DC.
Further note: The meeting originally scheduled for Wednesday 5 July 2023 was rescheduled to Monday 10 July 2023 given other DC matters. Further note: The meeting rescheduled for Monday 10 July 2023 was further rescheduled to Wednesday 12 July 2023 given other DC matters. | |
| Pending DC Consent |