CBC: The Plan for restructuring is about to be submitted for approval to the Court

The Administrator of the lawsuit, appointed by the Court, has almost finalized the Plan for restructuring of CBC and currently, its final version is a subject of last discussions between the interested parties, including iuvo. After a final agreement regarding the steps in the Plan has been reached, the same will be submitted for approval to the Court. It remains to be seen whether the Plan will be approved by the judge of the lawsuit or not.

If the Plan is approved by the Court, the appointed Administrator will directly start the sale of the available movable assets and cash receivables of CBC. The collected funds from the sale and the funds collected from assets of CBC that have already been liquidated will start to be distributed between the creditors after the same reach agreements between them and the Court.

Iuvo continues to take care of the interests of the investors in the lawsuit against CBC for non-fulfillment of contractual obligations and we will inform in a timely manner again when there is new development.

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