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In May 2023, we shared that the Administrator of the lawsuit against CBC for non-fulfillment of contractual obligations has prepared a Plan for restructuring of CBC and he has submitted it to the court for approval.
At the moment, the Plan has not been approved yet.
Actions are taken by iuvo and the other creditors to bring in the Judge Chairman of the Department for bankruptcy and restructuring proceedings in the trial court as a supervisor in the proceedings due to the unsatisfactory pace at which the Administrator and his team are conducting the proceedings. Another main reason for the slower proceedings is the difficulties faced by the Administrator in reaching consensus with the separate creditors on the most appropriate approach to cashing in the different types of receivables of CBC, which also additionally delays the definitive approval of the Plan for restructuring.
At iuvo, we continue to fight for the recovery of invested funds in CBC loans and we will once again share new information as soon as we have such.
