AS Pro Kapital Grupp has notified about the initiation of reorganization
proceedings of its subsidiary AS Tallinna Moekombinaat by the ruling of the
Harju County Court issued on 3 April 2020. On 7 May 2020 AS Tallinna
Moekombinaat presented the reorganization plan to the creditors for review and
formation of position. The majority of the creditors have already voted in favor
of the reorganization plan.
On 18(th) of May 2020 TPG Sixth Street Partners and Lintgen Adjacent Investments
S.à r.l (hereinafter TPG Sixth Street Partners) issued a press release stating
they will vote against the restructuring plan of AS Tallinna Moekombinaat and
called other creditors to also vote against the plan.
TPG Sixth Street Partners has not been acting in good faith towards AS Tallinna
Moekombinaat and its creditors, tenants and collaboration parties.
By making a misleading public press release it has become apparent that TPG
Sixth Street Partners goal is to make the restructuring plan of AS Tallinna
Moekombinaat fail and force AS Tallinna Moekombinaat into bankruptcy. TPG Sixth
Street Partners actions are harming the business of AS Tallinna Moekombinaat and
therefore interest of all creditors. TPG Sixth Street Partners has been avoiding
AS Tallinna Moekombinaat and the restructuring advisor's attempts to have any
dialog with them concerning the restructuring plan.
TPG Sixth Street Partners fails to mention or clarify in their press release the
following: TPG Sixth Street Partners is a secured creditor and in case of
bankruptcy of AS Tallinna Moekombinaat it would be one of the very few creditors
who would receive any satisfaction to its claims and to the largest extent. All
other unsecured creditors would not receive anything in case of bankruptcy of AS
Tallinna Moekombinaat. Therefor the restructuring plan which foresees payment of
40% of unsecured claims to the creditors is actually in the interest of all
unsecured creditors, contrary to what TPG Sixth Street Partners claims .
TPG Sixth Street Partners unprecedented public call to all other creditors is
therefore nothing more than an attempt to force the restructuring plan of AS
Tallinna Moekombinaat to fail and to secure TPG Sixth Street Partners interest
to the fullest extent possible, doing so at the expense of other unsecured
creditors of AS Tallinna Moekombinaat, who would receive almost nothing in the
bankruptcy proceedings. The law has foreseen the possibility that a large bad
faith creditor might try to block restructuring for its personal interests and
enabled the court to overrule such creditor's attempts.
The reorganisation process involves only AS Tallinna Moekombinaat and has no
direct influence to any other group company of AS Pro Kapital Grupp. None of the
companies in AS Pro Kapital Grupp concern have secured any liabilities of AS
Tallinna Moekombinaat.
Allan Remmelkoor
Member of the Board
+372 614 4920
prokapital@prokapital.ee
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