Metrogas SA Announces Further Details On Reorganization Proceedings And Proposal For Creditors

Metrogas SA announced that, within the framework of the Reorganization Proceedings of the Company, reported before the National Commercial Court of First Instance No. 26, presided over by Dr. Maria Cristina O´Reilly, Clerk’s Office No. 51, the Company presented a proposal of Reorganization Proceedings for the unsecured creditors who hold verified and admissible claims (the Unsecured Creditors).The proposal consists of paying the verified or admitted unsecured claims through the delivery of negotiable obligations, with a maturity on December 31, 2018, in USD, 53.2% of the amount of the unsecured claims (the Negotiable Obligations). At the same time, the remaining 46.8% of the unsecured debt will be paid under certain conditions. The Negotiable Obligations will be redeemed in full on December 31, 2018, they will have the a fixed interest rate of 8.875% per year and will be issued in two series.