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5. Why is there not going to be an EGM?

XEL was intending to call an EGM to approve the proposed restructuring of the Bonds. However there was no longer the need to call an EGM when the Bondholders concluded that the consensual restructuring of XEL could not be implemented in a manner acceptable to them and, on this basis, decided to enforce their security and instruct the Bond Trustee to apply to the court in the British Virgin Islands to place the Company onto liquidation.

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Published : Monday, November 28, 2016 5:52 PM UTC