CHC Group filed with the U.S. Bankruptcy Court a notice of appointment of a provisional liquidator.
The notice states, “The commencement of the provisional liquidation is made pursuant to an Order in the U.S. Bankruptcy Court, Northern District of Texas, on 4 January 2017, authorizing certain creditors to commence ancillary proceedings in the Cayman Islands and seek any other appropriate relief from the Cayman Court that the Debtors deem just and proper in furtherance of the reorganization of the Debtors’ estates.”
In addition, “[A] hearing has been listed before the Grand Court of the Cayman Islands for 8 February 2017 for the purpose of considering an application by the Company for a validation order pursuant to section 99 of the Companies Law (2016 Revision) (the ‘Validation Application’), in relation to transactions proposed to give effect to the Debtors’ restructuring plan in the chapter 11 proceedings. The joint provisional liquidators will provide the Court with an independent assessment of the impact of the proposed transactions on the Company’s creditors, and the JPLs will indicate their support, or otherwise, for the Validation Application.”
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