15 Dec, 2008 - Belvedere and its affected subsidiaries were granted court protection from creditors and placed in reorganization (“procédure de sauvegarde”) by an Order of the Tribunal de Commerce (Commercial Court) of Beaune entered on 16 July 2008.
Such Order was published for the record in the BODACC journal on 28 July 2008.
French creditors, therefore, were given until 28 September, under applicable law, to file proofs of their claim with the
court-appointed trustee (“mandataire judiciaire”) and foreign creditors, under applicable law, were given until 28 November to do so. The period for filing all proofs of claim has now expired. It appears to the Company, on the basis of the analysis it has made of applicable statutory and case law, that, with the exception of certain holders of “FRN” securities in a nominal amount of less than Euro 20 million, all of the other “FRN” creditors have not filed proofs of claim in the form provided by law, so they will not qualify to benefit from the reorganization/protection plan (“plan de sauvegarde”).
BELVEDERE and its subsidiaries, in this respect, plan to submit their point of view and arguments to the trustee (“mandataire judiciaire”) and the Presiding Magistrate (“Juge commissaire”), who will decide.