Tele Columbus - comment

The English law Scheme of Arrangement (SoA) is the next step in the Tele Columbus restructuring. The Practice Statement has been published, and the Convening hearing will be on 17th January; assuming it is approved, a date for the Sanctioning Hearing will be set. The court will treat SFA and SSN holders as a single creditor class by the court. As the lock-up agreement covers 83.2% of the debt volume with a further 8.3% abstaining (as unable to actively participate), beating the 75% approval is likely for the SoA. The exact date for the sanctioning meeting will depend on the judge's view as to the complexity of the issue, but we would expect it within six weeks.