31 August 2017
Boart Longyear Secures US Court Approval to Implement RecapitalisationBoart Longyear Limited (ASX:BLY) (Boart Longyear or the Company) is pleased to announce that it has received court approval in the United States for the recapitalisation's creditors' schemes of arrangement (Creditors' Schemes), with the US court today issuing a chapter 15 recognition order giving effect to the schemes in the US. Achievement of this last milestone for the recapitalisation means the implementation of the Creditors' Schemes will proceed on 1 September 2017.
Jeff Olsen, Boart Longyear's Chief Executive Officer, remarked, "We are pleased that all the requirements for the completion of the recapitalisation have been met. The implementation process has been complex, but securing a successful outcome to the recapitalisation is critical to achieving Boart Longyear's future potential for the benefit of our shareholders and other stakeholders."
A timetable for the remaining steps in the recapitalisation is set out below:
Date | Milestone |
1 September 2017 |
|
4 September 2017 |
|
13 September 2017 |
|
18 September 2017 |
|
25 September 2017 |
|
27 September 2017 |
|
The above dates remain subject to change.
Investor Relations: Media: Andrew Cuthbert Michael WeirSenior Manager, Global Communications Citadel-MAGNUS
Australia: +61 8 8375 8300 Australia: +61 8 6160 4903
USA: +1 801 952 8320 Mobile: +61 402 347 032
ir@boartlongyear.com mweir@citadelmagnus.com
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