Reached A Standstill Agreement

  • Uncategorized

ElG and its major shareholders are pleased to announce that they have agreed with the Committee of BondHolders (representing approximately 60% of the total nominal amount of bonds) on a status quo committee regarding ELG`s defaults under the terms of sale and cooperation between ELG and the Bond Creditors Committee to review and implement a possible restructuring of the group and obligations. The original non-status quo is November 30, 2020 (the “status quo”), but the status quo period may be extended or, if certain conditions of the status quo agreement are not met, expire before that date. Under the agreement, the Icahn Group has agreed not to appoint directors at the company`s general meeting in 2020, to select all shares of the company that are the advantageous property of the Icahn Group, to vote in favour of the company`s director`s candidates and the recommendation of the board of directors to ratify the appointment of the company`s independent accountant at the annual general meeting of shareholders in 2020. The Icahn Group will also limit its economic share in Cloudera securities to 20% of the stock of common shares and will comply with the usual non-status quo and voting rights provisions on the date of the agreement until the later date (x), is the one set at 30 days before the expiry of the deadline for filing shareholder appointments for the company`s annual meeting of shareholders for 2021 and 30 days after the date of the agreement. , to which no Icahn steering committee and icahn group have the right to appoint a successor. In other areas of activity, a status quo agreement can be virtually any agreement between the parties, in which both parties agree to discontinue the case for a specified period of time. This may include an agreement to defer payments to help a company in difficult market conditions, agreements to stop the production of a product, agreements between governments or many other types of agreements. In the face of the unprecedented socio-economic challenges posed by the COVID 19 pandemic, employers` organizations close to SEIFSA and the five main trade unions in the sector today concluded an unprecedented status quo agreement, which provides for the maintenance of all existing employment conditions and the freezing of current wage rates until 30 June 2021. The commonalities of a status quo agreement are typical: the conclusion of this historic status quo agreement, which will not increase workers over the next 12 months, is the first of its kind in traditional industry collective agreements. It marks a turning point in which business and work together recognized the devastating effects of the COVID 19 pandemic on businesses and workers across the sector, as the economy was in deep recession.

Close Menu