2024 Aug 14
PlusPlus Capital receives Luxembourg District Court’s approval for reorganization of PlusPlus Capital Financial S.à r.l.
Decision binding for all bondholders in accordance with the restructuring plan
Tallinn, Estonia, 14 August 2024. PlusPlus Capital (“PPC”), a leading pan-Baltic and Finnish technology-driven receivables management group, has received approval from the District Court of Luxembourg to implement the reorganization of its fully owned subsidiary PlusPlus Capital Financial S.à r.l. Previously, the bondholders’ meeting had voted in favor of the reorganization plan by a very large majority. In total, investors representing more than EUR 62 million, or approximately 89% of the outstanding principal amount of the bonds cast their votes. Approximately 94% of the votes, representing more than EUR 58 million were in favor of the plan.
Kaarel Raik, Member of the Management Board of PlusPlus Capital: “We are very pleased that the court has followed the bondholders’ broad support for our reorganization plan with its decision. We are convinced that we are taking a path that will enable us to protect the interests of PlusPlus Capital Financial S.à r.l., its creditors and other relevant stakeholders in equal measure and put the company back on a sustainable financial footing. Payments according to the reorganization plan of PlusPlus Capital Financial S.à r.l. will start upon approval of the Estonian parent company’s reorganization plan.”
PlusPlus Capital will inform the bondholders about the further steps of the reorganization process in due course.
Contact:
PlusPlus Capital
Kaarel Raik, Member of the Management Board
Email: kaarel.raik@plusplus.ee
Phone: +372 56 606 148
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 120 thousand claims with nominal value of approximately EUR 270 million. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.