Moratorium::ANNOUNCEMENT - UPDATE TO APPLICATION FOR MORATORIUM

Issuer & Securities

Issuer/ Manager
PB INTERNATIONAL B.V.
Securities
PB INTL USD200M7.625%N220126 - XS1555631925 - 68AB
Stapled Security
No

Announcement Details

Announcement Title
Moratorium
Date &Time of Broadcast
07-Jun-2021 16:37:33
Status
New
Announcement Sub Title
ANNOUNCEMENT - UPDATE TO APPLICATION FOR MORATORIUM
Announcement Reference
SG210607OTHRU6OP
Submitted By (Co./ Ind. Name)
Hudya Indah Panggita
Designation
Corporate Secretary
Effective Date and Time of the event
07/06/2021 16:00:00
Description (Please provide a detailed description of the event in the box below-Refer to the Online help for the format)
USD200,000,000 7.625% Guaranteed Senior Notes due 2022 (ISIN No. XS1555631925) issued by PB International B.V. ("PB International") pursuant to the indenture dated 26 January 2017 (the "Notes")

We refer to our announcement dated 4 June 2021 in relation to the above matter (the "4 June Announcement"). Defined terms used in this announcement have the same meanings as in the 4 June Announcement unless stated otherwise. As mentioned in the 4 June Announcement:

a.Pan Brothers intends to propose a scheme of arrangement between Pan Brothers and its subsidiaries (which include PB International) and their creditors (which include the holders of the Notes) in Singapore. Pan Brothers has accordingly filled an application in the Singapore High Court for a moratorium under section 64 of the IRDA in OS 551 on 1 June 2021.

b.In addition, Pan Brothers has also filed various applications under Section 65 of the IRDA on 1 June 2021 for a moratorium in support of Pan Brothers proposed restructuring. Under OS 551 and the Subsidiaries' OS, Pan Brothers is also seeking that the moratorium apply to any person in Singapore or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere.

c.A hearing was fixed in respect of OS 551 and the Subsidiaries' OS for 4.00pm, 4 June 2021 at the General Division of the Singapore High Court before the Honourable Judicial Commissioner Philip Jeyaretnam, seeking an interim order that a moratorium be granted applying to any person in Singapore or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere, pending the disposal of OS 551 and the Subsidiaries' OS (the "Interim Application").

The Interim Application was heard on 4 June 2021 before the Honourable Judicial Commissioner Philip Jeyaretnam. Pan Brothers and its Subsidiaries (set out in Schedule 1 below) have been granted a moratorium until 1 July 2021.

Accordingly, until 1 July 2021, except with the leave of the Court and subject to such terms as the Court imposes:
a. no resolution shall be passed for the winding up of Pan Brothers and/or each of the Subsidiaries
b. no receiver or manager shall be appointed over any property or undertaking of Pan Brothers and/or each of the Subsidiaries
c. no proceedings shall be commenced or continued (other than proceedings under sections 210 or 212 of the Companies Act (Cap. 50), or sections 64, 66, 69 or 70 of the Act) against Pan Brothers and/or each of the Subsidiaries except with the leave of the Court and subject to such terms as the Court imposes
d. no commencement, continuation or levying of any execution, distress or other legal process against any property of Pan Brothers and/or each of the Subsidiaries except with the leave of the Court and subject to such terms as the Court imposes
e. no steps shall be taken to enforce any security over any property of Pan Brothers and/or each of the Subsidiaries, or to repossess any goods held by Pan Brothers and/or each of the Subsidiaries under any chattels leasing agreement, hirepurchase agreement or retention of title agreement, except with the leave of the Court and subject to such terms as the Court imposes and
f. the enforcement of any right of reentry or forfeiture under any lease in respect of any premises occupied by Pan Brothers and/or each of the Subsidiaries (including any enforcement pursuant to section 18 or 18A of the Conveyancing and Law of Property Act (Cap. 61)) shall be restrained
The moratoria on actions referred to above applies to any person in Singapore or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere.

Our group s financial advisors and international legal counsel in respect of the proposed restructuring are AJCapital and Baker & McKenzie respectively. Creditors should direct any queries to AJCapital or Baker & McKenzie at the contact details provided below:

PT AJCapital Advisory
Geoffrey Sims, President Director: Geoff.Simms@ajcapital.co.id

Baker & McKenzie. Wong & Leow
Emmanuel Hadjidakis, Partner: Emmanuel.Hadjidakis@bakermckenzie.com

Attachments

Notice - Update to Application for Moratorium _7 June - signed.pdf
Total size =124K