|By PR Newswire||
|March 21, 2014 09:38 AM EDT||
NEW YORK, March 21, 2014 /PRNewswire/ -- Certain holders (the "Noteholders") of 8.875% Senior Guaranteed Notes due September 25, 2014, 9.25% Senior Guaranteed Notes due June 30, 2020 and 8.875% Senior Guaranteed Notes due March 27, 2022 (collectively, the "Notes") issued by Corporacion GEO, S.A.B. de C.V. ("GEO") have executed agreements to support the framework of a restructuring of the outstanding indebtedness of GEO and certain of its subsidiaries and controlled affiliates (together, the "Company") to be implemented through a concurso mercantil con plan de reestructura previo before Mexican courts. The agreements and other pertinent information are attached to or otherwise set forth in the public release issued earlier today by GEO (the "GEO Release"), which the Company will be posting on its website (www.casasgeo.com) and on the Mexican stock exchange's website (www.bmv.com.mx).
During the restructuring negotiations, the Noteholders were made aware of the transactions negotiated and subsequently consummated among the Company, certain of the Company's Mexican banks, and Mr. Luis Orvananos Lascurain to obtain liquidity for the Company's operations, preserve the possibility of future bridge loan funding and address certain defaults (including with respect to certain covenants, the use of collateral to secure such facilities rendering the lenders thereunder unsecured, and other matters) under certain factoring facilities. Certain details of these transactions were set forth in the GEO Release and in the Restructuring Indicative Term Sheet attached as Annex C thereto under the heading "Liquidity and Factoring Transactions." The Noteholders understand that certain parties have suggested that the Company's defaults under such factoring facilities might give rise to personal liability on the part of certain members of the Company's management. The Noteholders further understand that the Company and its management dispute that any such liability exists or existed and will vigorously contest any assertions thereof. The Noteholders have not done any independent analysis regarding the defaults that occurred or the viability of the claims, if any, that may be asserted as a result thereof.
Information relating to GEO and certain of its affiliates set forth below was provided by GEO and its representatives during the course of the negotiations described below. Such information was provided under the terms of the Confidentiality Agreement, dated September 4, 2013, as amended, between GEO and the Noteholders, which specifically disclaimed any representation as to the accuracy of the information provided. In addition, the information regarding GEO and certain of its affiliates has not been independently reviewed, verified or confirmed by the Noteholders. Accordingly, the Noteholders make no representation as to the accuracy of any such information. In addition, there is no assurance that the information set forth herein has not changed, possibly materially, since the date it was provided to the Noteholders. The Noteholders disclaim any duty, and do not accept any responsibility or obligation, to update or correct any information set forth in this press release based on events occurring, or information received, subsequent to the date hereof. The disclosure of these materials should not be regarded as an indication that any Noteholder GEO, or any other person considered, or now considers, this information to be predictive of actual future results, and does not constitute an admission or representation by any person that such information is material. The Noteholders do not assume and hereby affirmatively disclaim any and all liability under applicable law arising from the public disclosure of this release and materials set forth herein. Readers are cautioned not to place any reliance on this release and these materials.
Contact: Allan Ripp/Ripp Media 212-262-7477 [email protected]
SOURCE Ad Hoc Group of Corporacion GEO Noteholders
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