The board thinks the current proposal is a reasonable compromise that should receive a sufficient majority among the companys creditors and shareholders.
But, if the proposal is not adopted, there will be no prospect the company will be able to achieve a reconstruction and the court will probably open bankruptcy after a report from the reconstruction committee, DOF said.
If this happens, the business would continue to operate through the subsidiary DOF Service and its underlying companies. However, shareholder value will in all likelihood be lost.
This is the second time the restructuring plan has been submitted to shareholders. On 11 November 2022, a similar restructuring agreement, but with shareholders retaining 4.00% of the shares, …
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