In the matter of Wiggins Island Coal Export Terminal Pty Ltd [2018] NSWSC 1342

In the matter of Wiggins Island Coal Export Terminal Pty Ltd [2018] NSWSC 1342

The Court is satisfied that WICET is a Part 5.1 body, has properly proposed a bona fide compromise arrangement under s 411 with proper disclosure, and there is no apparent reason the scheme should not in due course receive approval if passed by necessary majorities; orders convening scheme meetings and approving the scheme booklet for distribution are appropriate.

Parties
Plaintiff: Wiggins Island Coal Export Terminal Pty Ltd; Creditor: Senior Financiers
Jurisdiction
Australia
Judgment Date
30 August 2018
Procedural Posture
Corporations Scheme of Arrangement / First Court Hearing Application for Convening Creditors Meeting and Approval of Scheme Booklet
Outcome
Orders made convening scheme meetings and approving scheme booklet for distribution to creditors.
Legal Topics
Schemes of Arrangement, Corporate Debt Restructuring, Disclosure Requirements, Class Constitution Under Schemes
Corporations Law Equity Schemes of Arrangement Corporate Debt Restructuring Disclosure Requirements Class Constitution Under Schemes

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Parties

Wiggins Island Coal Export Terminal Pty Ltd

Plaintiff

Senior Financiers

Creditor

Procedural Posture

Corporations Scheme of Arrangement / First Court Hearing Application for Convening Creditors Meeting and Approval of Scheme Booklet

Legal Issues

  1. 1 Whether requirements to order scheme meetings under s 411 of the Corporations Act are satisfied
  2. 2 Whether proper disclosure to creditors is made under s 412 of the Corporations Act
  3. 3 Whether different classes of creditors are required for voting

Ratio Decidendi

The Court is satisfied that WICET is a Part 5.1 body, has properly proposed a bona fide compromise arrangement under s 411 with proper disclosure, and there is no apparent reason the scheme should not in due course receive approval if passed by necessary majorities; orders convening scheme meetings and approving the scheme booklet for distribution are appropriate.

Court Disposition

Orders made convening scheme meetings and approving scheme booklet for distribution to creditors.

Orders

  • Scheme meeting to be convened for Senior Financiers to consider and, if thought fit, approve the proposed scheme of arrangement.
  • Scheme booklet approved for distribution to creditors.