Polarcus Limited (in official liquidation) (“Polarcus”) (PLCS) refers to the announcements made on 9 February 2021 (Polarcus: Appointment of Joint Provisional Liquidators), , 14 April 2021 (Polarcus concludes Standstill and Settlement Agreement with Lenders). Capitalized terms in this announcement have the same meaning as given in those announcements.
On 8 February 2021, David Griffin and Andrew Morrison of FTI Cayman and Lisa Rickelton of FTI London were appointed JPLs of the Company by an order of the Court. Their appointment had immediate effect, and the JPLs were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the Company’s financial indebtedness with a view to making a compromise or arrangement with the Company’s creditors or any class thereof.
Since their appointment, the JPLs have negotiated the restructuring of the Convertible Bonds as more particularly described in the Bondholders Summons and the settlement contemplated by the Settlement and Standstill Agreement.
Throughout the provisional liquidation, the Board, until their resignation on 29 April 2021, retained all powers of management conferred on it by the Order, subject to the appropriate and necessary oversight and monitoring of the JPLs as regards the exercise of such powers.
The JPLs have completed the restructuring efforts for which they were appointed, following which they determined that the Company remained unable to pay its debts as they fall due and that it was in the best interests of the Company that it be placed into official liquidation.
On 21 June 2021, the Court made an order placing the Company into official liquidation and appointed David Griffin and Andrew Morrison of FTI Cayman and Lisa Rickelton of FTI London as Joint Official Liquidators (the “JOLs”). The JOLs will oversee the orderly winding down of the Company. As part of that process, the JOLs intend to seek the de-listing of the Company from the OSE.
In view of the insolvency of the Company, there will not be any return from the liquidation to the Company’s shareholders. Accordingly, there will be no further announcements to update the Company’s Shareholders on the progress of the official liquidation. The JOLs shall publish periodic updates to the Company’s creditors at www.fticonsulting.com/creditors, as and when appropriate.
