EQS-News: PlusPlus Capital Financial S.à.r.l.
/ Key word(s): Legal Matter
Reorganization Plan for AS PlusPlus Capital Rejected by Harju County Court Appeal Pending for the Reorganization Plan The Parent Company finds that the Court has based its rejection to a large extent on incomprehensible grounds, such as the broadly arbitrary and fact-distorting objections by Balcia Insurance SE, which accounts for only 0.2% of all claims covered by the Plan. In contrast, the creditors of the Parent Company, who have expressed their support for the restructuring by voting in favor of the Plan, represent more than 90% of all claims covered by the Plan. However, as a result of the specifics of the reorganization proceedings of the Parent Company, the majority of creditors who supported the Plan cannot actively participate in the subsequent proceedings and express their support in favor of the Plan. Dissenting creditors, by contrast, may object to the Plan on an ongoing basis and throughout the entire proceedings. Although a delay in the approval of the reorganization plan will inevitably postpone the start of the payments, AS PlusPlus Capital continues to take all reasonable measures to protect the interests of the creditors, primarily by building up necessary financial reserves to ensure that the delay caused by the court proceedings does not result in a corresponding extension of the timetable for the implementation of the plan in the future. As a result of the rejection of the reorganization plan and the termination of the reorganization proceedings, the Harju County Court also appointed a temporary trustee for AS PlusPlus Capital at the request of Balcia Insurance SE. The trustee has been instructed to submit a report to the Court by 29 November 2024. AS PlusPlus Capital does not consider itself to be permanently insolvent and therefore sees no reason to file for insolvency. After a first analysis of the Court's decision, AS PlusPlus Capital is optimistic that it will be granted permission to continue with the reorganization plan as part of an appeal, which would eliminate the need to file for bankruptcy, as Balcia Insurance SE had previously sought. PlusPlus Capital PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics. Since its inception in 2010, PlusPlus has bought over 120 thousand claims with nominal value of approximately EUR 270 million. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors. PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market. pluspluscapital.eu 07.10.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | PlusPlus Capital Financial S.à.r.l. |
| 1 rue Jean Piret | |
| L-2350 Luxembourg | |
| Luxemburg | |
| E-mail: | info@pluspluscapital.eu |
| Internet: | https://pluspluscapital.eu/ |
| ISIN: | XS2502401552 |
| WKN: | A3K7UD |
| Listed: | Regulated Unofficial Market in Berlin, Frankfurt, Munich, Tradegate Exchange |
| EQS News ID: | 2003533 |
| End of News | EQS News Service |
2003533 07.10.2024 CET/CEST
