December 28, 2021 (MLN): The management of Azgard Nine Limited (ANL) has requested the Pakistan Stock Exchange (PSX) to delist the Listed Term Finance Certificates of the Company (PSX: ANLTFC2), company’s filing on PSX showed today.
To recall, the creditors of the company had filed a scheme of arrangement in the Honorable Lahore High Court at Lahore (the Honorable Court) for settling and restructuring their liabilities against the Company. The honorable court, after hearing all the parties, approved the scheme of arrangement through its order dated July 31, 2019.
In this regard, ANLTFC2, being part of the approved scheme has been paid/settled/restructured under and in accordance with the approved scheme.
The company will also request Central Depository Company of Pakistan Limited (CDC) to issue/credit new debt securities in Central Depository System (CDS) issued under the approved scheme.
As per the notification sent to PSX, the CDC is of the view that existing debt securities including ANLTFC2 shall be revoked/cancelled simultaneously upon issuance/credit of new debt securities and has advised the company that ANLTFC2 should be first delisted from PSX.
It is pertinent to mention that agent banks of creditors have extended the date to issue/credit in CDS of new debt securities till December 31, 2021 and it is required to issue/credit the new debt instruments on or before said date, it added.
