Event Publicly Available Information:
Has a Restructuring Credit Event occurred with respect to Matalan Finance Plc?
The Eligible Market Participant that submitted the DC Question included the following information:
The Eligible Market Participant that submitted the Potential DC Issue noted that Matalan Finance Plc amended the terms its 9½% Second Lien Secured Notes due 2024 (the "Second Lien Notes") under a certain Scheme of Arrangement (the "Scheme") approved at a Sanction Hearing by an order of Mr Justice Miles (the "Sanction Order"). The Sanction Order was filed at Companies House and the Scheme became effective on 28 July 2020. The amendments effected under the Scheme provide that interest on the Second Lien Notes will be solely in payment-in-kind interest unless certain conditions are met including a reduction in overall indebtedness and a minimum liquidity test.