NEW YORK, Sept. 10, 2017 /PRNewswire/ -- In response to the announcement today by Global A&T Electronics Ltd. (the "Company") that it has reached an agreement with certain of its stakeholders regarding the material economic terms of a restructuring including certain holders of the Company's 10% Senior Secured Notes due in 2019 issued in February 2013 (the "Initial Notes"), noteholders KLS Diversified Asset Management LP and Marble Ridge Capital LP, working together with other holders of Initial Notes (collectively, the "Rejecting Holders"), do not support the Company's restructuring as proposed. Accordingly, the Rejecting Holders are confident that the restructuring as proposed cannot be approved, sanctioned or confirmed in any insolvency or similar proceeding.
The Rejecting Holders have attempted to negotiate with the Company in good faith. Despite the efforts of the Rejecting Holders, the Company has chosen to pursue a non-consensual restructuring path handing substantial value and protections to a sub-set of holders of the Initial Notes and the Company's equity sponsors to the detriment of both the Rejecting Holders and the majority of other holders of Initial Notes.
Dan Kamensky, Managing Partner of Marble Ridge, stated, "This proposal casts further uncertainty about Global A&T's future path. It should be in all parties' interests that Global A&T has a viable future which can realistically only be achieved if there is a consensual resolution acceptable to the holders of the Initial Notes. We remain committed to working with the company and its other stakeholders to achieve that outcome."
For Marble Ridge Capital LP:
1 (917) 842-0810
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SOURCE Marble Ridge Capital LP; KLS Diversified Asset Management LP