Update: Re Creditor Scheme of Arrangement

RNS Number : 0596N

AssetCo PLC

25 August 2011

 



25 August 2011

AssetCo plc

("AssetCo" or "the Company")

Court permission for proposed Creditor Scheme of Arrangement; and

Adjournment of Court hearing of winding up petition

Further to the Company announcement on 23 August 2011, the Company announces that, at a Court hearing held earlier today, the Court:

(1) granted permission to the Company to convene relevant meetings of its creditors in respect of a proposed scheme of arrangement between the Company and certain of its creditors (the "Scheme"); and

(2) in order to allow creditors the opportunity to consider the Scheme, adjourned the hearing of the petition previously lodged by Northern Bank for the winding up of the Company until 28 September 2011.

The Company expects next week to post to its creditors a document explaining the Scheme, setting out the full terms of the Scheme and convening the relevant meetings of creditors. A further announcement will be made in due course to advise as to the posting of the Scheme document. A full copy of the Scheme document will be available on the Company website once it has been sent Company Creditors. www.assetco.com

Enquiries:

AssetCo plc

Tudor Davies: [phone]

Arden Partners plc

Richard Day  [phone]

Adrian Trimmings

Chris Thomas

Citigate Dewe Rogerson

Fiona Tooley: Office: [phone]

 

END

 

 

MSCDKPDPNBKDFFB