Amigo - comment

The pathway to restructuring Amigo and the launch of Amigo 2.0 reaches another milestone tomorrow (12 May). Our core thesis remains the creditors will approve Amigo 2.0 at the online creditors meeting and that the bondholders will be able to participate in the capital raising required as part of that plan. The alternative scheme is liquidation with lower returns for creditors. The meeting starts at 1 pm GMT and the results will be known by the end of the day. The High Court Sanctioning hearing follows on 23rd May.

Amigo will still need to keep the FCA satisfied although the decision by the regulator not to seek representation at the Sanctioning hearing was as good as Amigo could have hoped for.