Petra Diamonds US$ Treasury Plc, Re

Petra Diamonds US$ Treasury Plc, Re

The court is satisfied that the holders of Existing Notes constitute a single class for the purposes of the scheme meeting, that no features of the scheme fracture the class, that the court has jurisdiction over the company and scheme creditors, and that there are no roadblocks to convening the meeting. Accordingly, the convening order is granted.

Parties
Claimant: Petra Diamonds US$ Treasury PLC
Jurisdiction
England and Wales
Judgment Date
09 December 2020
Procedural Posture
Scheme of Arrangement (companies Act 2006, Part 26) / Application for Convening Order
Outcome
Convening order granted
Legal Topics
Scheme of Arrangement, Class Composition, Jurisdiction, Creditor Rights
Insolvency Law Company Law Scheme of Arrangement Class Composition Jurisdiction Creditor Rights

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Parties

Petra Diamonds US$ Treasury PLC

Claimant

Procedural Posture

Scheme of Arrangement (companies Act 2006, Part 26) / Application for Convening Order

Legal Issues

  1. 1 Whether to grant an order convening a meeting of holders of Existing Notes to consider a scheme of arrangement under Part 26 of the Companies Act 2006
  2. 2 Whether the proposed class composition is appropriate or fractured by scheme features
  3. 3 Whether the court has jurisdiction over the company and scheme creditors, including those domiciled outside the UK

Ratio Decidendi

The court is satisfied that the holders of Existing Notes constitute a single class for the purposes of the scheme meeting, that no features of the scheme fracture the class, that the court has jurisdiction over the company and scheme creditors, and that there are no roadblocks to convening the meeting. Accordingly, the convening order is granted.

Court Disposition

Convening order granted

Orders

  • Order made convening a meeting of holders of Existing Notes to consider and, if thought fit, approve the scheme of arrangement
  • Restriction imposed on access to some confidential material