August 9, 2019 (MLN): Azgard Nine Limited, in a notification to PSX has announced that the honorable Judge of Lahore High Court has approved the petition filed by the company regarding approval of Creditors’ Scheme of Arrangement.
Earlier, the company filed the petition for the approval of the Creditors’ Scheme of Arrangement for restructuring the liabilities of the company . As the company stood in default of all its long-term loan and some short-term loan obligations and the company’s existing business and cash flows made it impossible to pay off liabilities as they fell due.
Thus, the company filed a petition in order to restructure the burden of loans so that the company could remain operational and service its loans.
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