EA Partners I B.V. (“EAP I”) $700,000,000 6.875% Notes due 2020 (ISIN: XS1293573397)
EA Partners II B.V. (“EAP II”) $500,000,000 6.750% Notes due 2021 (ISIN: XS1423779187)
(Collectively, the “Notes”)
- EGM convened to file claims in the Alitalia and Air Berlin insolvency proceedings
- Steering Committee notes Etihad’s failure to provide access to debt assumption agreement with Alitalia
- Steering Committee still seeks consensual path forward
March 13, 2020 09:06 AM Eastern Daylight Time
Extraordinary general meetings (the “EGMs”) of the holders of the Notes (the "Noteholders"), have been convened by EAP I and EAP II to be held on 6 April, 2020. The aim of the EGMs is to seek approval from the Noteholders to instruct EAP I and EAP II to file claims in both the Alitalia Societa Aerea Italiana S.p.A (“Alitalia”) Insolvency Proceedings and the Air Berlin PLC (“Air Berlin”) Insolvency Proceedings.
The steering committee of Noteholders (the “Steering Committee”) has repeatedly asked Etihad for information related to its dealings and relationships with its associates. This includes access to the debt assumption agreement between Etihad and Alitalia. To date, Etihad has not provided access to this information, thereby inhibiting the Steering Committee’s ability to ascertain the extent of Etihad’s liability towards its associates and the Noteholders.
The Steering Committee still seeks to find a mutually agreeable resolution to the matters related to the Notes, including the non-payment of required interest, and will reserve no effort to protect the interests of the Noteholders. Accordingly, the Steering Committee looks forward to engaging constructively with the relevant stakeholders and reiterates its invitation to Etihad, the other underlying obligors, and other interested related parties to work with the Steering Committee to identify a consensual path forward as expeditiously as possible.
The Steering Committee can be contacted via its financial adviser, PJT Partners (UK) Limited, at email@example.com.