Aspire Defence Finance PLC Update regarding liquidation of Carillion plc (1600D)
29 Gennaio 2018 - 8:20AM
UK Regulatory
TIDM85VK
RNS Number : 1600D
Aspire Defence Finance PLC
29 January 2018
Update regarding liquidation of Carillion plc
Aspire Defence Finance plc (the "Company"), the Issuer for
Project Allenby/Connaught ("the Project"), wishes to update its
Series A and Series B Bondholders further to its announcement of 17
January 2018 concerning the impact of the compulsory liquidation of
Carillion plc ("Carillion") on the Project.
The Project continues to deliver services and the construction
of the Army Basing Programme Works as normal.
As noted in the Issuer's announcement dated 17 January 2018, it
has and will continue to manage the consequences of Carillion's
insolvency, including considering carefully the terms of the
finance documents.
Consequently, the Issuer announces it has notified the monoline
insurers of the Series A and Series B Bonds, Ambac Assurance UK
Limited and Assured Guaranty (UK) plc, and Citicorp Trustee Company
Limited, the Security Trustee and Bond Trustees, that a potential
event of default has occurred by virtue of Carillion plc's role as
guarantor of the liabilities of one of the unincorporated joint
ventures acting as sub-contractor to Aspire Defence Limited
("ADL"), the special purpose vehicle for the Project, known as
Aspire Defence Services ("ADS"), and by virtue of Carillion's role
as guarantor of the liabilities of Aspire Defence Services Limited,
a supplier to ADS. A potential event of default is any event which
would, with the passage of time, the giving of notice or the making
of a determination if not remedied, cured or waived, become an
event of default as such term is defined in the Project's financing
documents.
The Company is taking the steps outlined in the financing
documents to remedy the potential event of default within the
specified time periods by working in conjunction with all
stakeholders on acceptable remedial plans.
The Company will provide further updates as appropriate.
By order of the Board,
Angus McColl
Company Secretary
29 January 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
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