Intention to propose Hong Kong Scheme and UK Restructuring Plan
Last updated : 2022-09-27 HKT (GMT+8)
For the purposes of implementing the proposed restructuring of its debts and liabilities, Hong Kong Airlines Limited (the “Company”) is proposing to apply to the High Court of Hong Kong (the “Hong Kong Court”) and the High Court of Justice of England and Wales (the “UK Court”), seeking orders to convene meetings of certain of its creditors in order to consider and, if thought fit, approve a scheme of arrangement pursuant to Sections 670, 673 and 674 of the Companies Ordinance (Cap. 622) of Hong Kong (the “Proposed Hong Kong Scheme”) and a restructuring plan under Part 26A of the Companies Act 2006 (UK) (the “Proposed UK Plan”), respectively.
The hearing by the Hong Kong Court of the Company’s application in respect of the Proposed Hong Kong Scheme is currently scheduled to take place on
13 October 2022
.
The hearing by the UK Court of the Company’s application in respect of the Proposed UK Plan (the “UK Convening Hearing”) is currently scheduled to take place on 25 October 2022.
Please note that persons who are beneficial owners of and/or owners of the ultimate economic interest in the US$683,000,000 7.125 Per Cent. Senior Perpetual Securities issued by Blue Skyview Company Limited will be creditors subject to the Proposed UK Plan, but not scheme creditors who are subject to the Proposed Hong Kong Scheme.
In connection with the Proposed UK Plan, the Company published a practice statement letter (the “Practice Statement Letter”) on 27 September 2022, which informs creditors of, amongst other things, its intention to formally propose the Proposed UK Plan and that the UK Convening Hearing is scheduled to take place on 25 October 2022.
A copy of the Practice Statement Letter has been sent by email, and via the clearing systems, to all known scheme / plan creditors.
For a copy of the Practice Statement Letter and more information on the Proposed Hong Kong Scheme and the Proposed UK Plan, please visit the website at: https://projects.morrowsodali.com/honair.