Japan Drilling Company Ltd., Reorganization Company and Japan Drilling (Netherlands ) B.V., Reorganization Company (hereinafter collectively referred to as the “Companies”) hereby announce that the Companies submitted proposed modified reorganization plans to the Tokyo District Court as of July 30, 2021, following the change in the sponsor who had once been selected. The Companies had submitted the former proposed reorganization plans to the Tokyo District Court on August 30, 2019, and received an order of confirmation therefor on October 31, 2019.
We would like to express our heartfelt gratitude to each of our creditors and other parties concerned for their understanding and cooperation in enabling us to submit today the proposed modified reorganization plans.
As previously announced, the Companies entered into a sponsor agreement as of March 29, 2019 (hereinafter referred to as the "Former Sponsor Agreement") with a company established by an investment company, etc. (hereinafter referred as the "Former Sponsor"), and had been preparing for the contribution of funds by the Former Sponsor, following the Court’s order of confirmation of the reorganization plans. However, in the midst of the global outbreak of the novel coronavirus infection since February 2020 and the World Health Organization (WHO)'s declaration of COVID-19 as a pandemic on March 11, 2020, we received a notice from the Former Sponsor to cancel the Former Sponsor Agreement on June 30, 2020.
To maintain and develop the business of the Companies and ensure the repayment to our creditors, we believe it is desirable to formulate and implement a reorganization plan with support from a sponsor, and then, Aspirant Group Inc. has expressed its intention to provide support. Following the implementation of due diligence by Aspirant Group Inc., as of July 2, 2021, the Companies entered into a sponsor agreement with Aspirant Group SPC 8 Inc., a company owned and managed by Aspirant Group Inc. for the purpose of investing funds (hereinafter referred to as the "Sponsor").
The proposed modified reorganization plans that we submitted this time have been formulated on the premise that the Sponsor will provide financial support to Japan Drilling Company Ltd., Reorganization Company. If necessary, Japan Drilling (Netherlands) B.V., Reorganization Company plans to receive a loan from Japan Drilling Company Ltd., Reorganization Company.
The proposed modified reorganization plans that we submitted will be sent to our creditors after the Tokyo District Court makes an order to refer the proposed modified reorganization plans to a resolution, and thus, we would like the creditors to refer to the proposed modified reorganization plans after such order is made.
We ask for your continued cooperation and understanding for the Companies’ reorganization proceedings.
Source: JDC
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