About the plan of legal protection proceedings

Vidzeme District Court on June 18, 2019 adopted a decision approving AS VALMIERAS STIKLA ŠĶIEDRA’s (hereinafter – the “Company”) application for legal protection proceedings commencement and initiated the Company’s legal protection proceedings (“LPP”) case.On September 19, 2019, the Company filed an application with the Vidzeme District Court for approval of the plan of measures of the LPP and the implementation of the LPP.On October 18, 2019 Vidzeme District Court resolved without any reservations that:
1. Company’s legal protection process is to be implemented;
2. Company’s LPP Plan is approved;
3. Legal protection process implementation period is two years from October 18, 2019.
In order to implement the LPP successfully and attain the objective of the LPP, namely, to restore the ability of the Company to pay debts due, the Company will apply the following approaches:With respect to secured creditors:
1. partial postponement and re-scheduling of payment terms by the Company (principal creditor claims);
2. settling the payment obligations of the Company (Ancillary Claims);
3. alienation of the Company’s share in the capital of the US subsidiary and/or its properties and/or investment into the Company by third parties;
4. entering into an agreement with secured creditors (related parties) to partially postpone the performance of payment obligations after implementation of the LPP.
With respect to unsecured creditors:
1. postponement of satisfaction of principal creditor claims and break-down of payment obligations into obligations maturing within 24 months;
2. settling the obligations of the Company (Ancillary Claims);
3. entry into agreements with LBBW Bank on the division of payments into instalments over period not to exceed 48 months.
4. receipt of consent from some of the unsecured creditors (related parties) to partially postpone the performance of payment obligations under after implementation of LPP.
With respect to both secured and unsecured creditors:
1. undertaking by the Company to secure availability of additional funding in the amount of EUR 5,000,000.
The Company is thankful to all creditors for the understanding and support during the implementation of the plan of measures of the legal protection proceedings.
The Company will be delivering information to its creditors on the operational results of the Company in accordance with the applicable law as well as by providing monthly updates to the creditors on the progress of implementation of LPP.
Enclosed – the plan of measures of the legal protection proceedings approved by the court.
The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA
Additional information:
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 6420 2216
E-mail: latvia@valmiera-glass.com
www.valmiera-glass.com
AttachmentLPP_plan_AS VALMIERAS STIKLA SKIEDRA

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