On October 4, 2024, the Harju County Court issued a ruling that sheds light on significant issues with PlusPlus Capital's reorganisation plan. The Court identified four key concerns:
- Insufficient Creditor Support: The plan lacks the necessary backing from creditors, making it unfit for approval.
- Violation of the Reorganisation Act: The plan fails to comply with the legal requirements set out in the Reorganisation Act.
- Unrealistic Execution: The Court deemed the execution of the proposed plan as impractical and unrealistic.
- Permanent Insolvency: The Court concluded that PlusPlus Capital is permanently insolvent, making reorganisation impossible.
Despite these critical findings, PlusPlus Capital has not addressed any of them in its public statements, potentially giving the wrong impression about the Court’s decision. Additionally, the company has failed to mention that 85% of the claims included in the reorganisation plan come from entities related to PlusPlus Capital, raising further concerns about the transparency of the process.
Balcia’s Call to Action for Creditors and Bondholders
Balcia urges PlusPlus Capital’s creditors to actively defend their rights in the ongoing proceedings. In particular, Balcia calls on bondholders to instruct the collateral agent to realize the collateral securing their bonds.
For more information on how to instruct the collateral agent, creditors and bondholders are encouraged to reach out to:
It is crucial for creditors to stay informed and take the necessary steps to protect their interests in this case. More details on the court's findings can be found in the attached ruling.
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