September 2, 2019 / 8:32 AM / 15 days ago

BRIEF-ZM Henryk Kania Files Updated Restructuring Plan And Updated Arrangement Proposals

Sept 2 (Reuters) - Zaklady Miesne Henryk Kania SA:

* SAID ON FRIDAY IT HAS FILED AN UPDATED RESTRUCTURING PLAN AND UPDATED ARRANGEMENT PROPOSALS

* UNDER SAID ARRANGEMENT PROPOSALS THE COMPANY’S CREDITORS ARE DIVIDED INTO EIGHT GROUPS

* CLAIMS OF THE CREDITORS THAT HAVE BEEN ASSIGNED TO GROUPS 1 TO 7 WILL BE SATISFIED BY LIQUIDATION OF THE COMPANY’S ASSETS

* CLAIMS OF THE CREDITORS WHOSE CLAIMS HAVE BEEN ASSIGNED TO GROUP 8 WILL BE CONVERTED INTO NEWLY ISSUED SHARES

* AS A RESULT OF THE CONVERSION THE COMPANY’S CAPITAL WILL BE INCREASED BY NO MORE THAN 1.3 MILLION ZLOTYS VIA ISSUE OF NO MORE THAN 25.0 MILLION OF NEW F SERIES SHARES,

* THE NEW SHARES WILL CONSTITUTE NO MORE THAN 20% OF THE COMPANY’S SHARE CAPITAL

* ISSUE PRICE OF THE NEW SHARES IS 1.20 ZLOTYS PER SHARE

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