Stoneway Announces Adjournment of Meeting in Connection with Restructuring Transaction

TORONTO, Dec. 5, 2020 /CNW/ - Stoneway Capital Corporation ("Stoneway" and, together with its subsidiary and parent entities, the "Company") announced today that its meeting (the "Noteholders' Meeting") of holders ("Noteholders") of the Company's outstanding 10.000% senior secured notes due 2027 to consider and vote upon its corporate plan of arrangement to implement the previously announced proposed restructuring transaction (the "Transaction"), was convened and adjourned to 12:00 p.m. (Toronto time) on December 15, 2020 in light of certain recent developments in Argentina. 

Stoneway believes that the adjournment of the Noteholders' Meeting is appropriate and in the best interests of the Company.

The Company will provide further details with respect to the adjourned Noteholders' Meeting once such details become available.

About Stoneway

The Company's principal business is the construction, ownership and operation of power generation facilities located in Argentina. 

FORWARD LOOKING STATEMENTS: Certain information contained in this press release may contain forward looking statements within the meaning of applicable securities laws. The use of any of the words "continue", "plan", "propose", "would", "will", "believe", "expect", "position", "anticipate", "improve", "enhance" and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this document contains forward-looking statements concerning: the holding and timing of, the provision of additional information relating to, and matters to be considered at, the Noteholders' Meeting.

Forward-looking statements necessarily involve risks, including, without limitation, risks associated with the ability of the Company to implement the Transaction on the terms described in this press release and in previous announcements, the ability of Stoneway to receive all necessary court, third party and stakeholder approvals in order to complete the Transaction; the matters to be considered and voted on at the Noteholders' Meeting; the ability of the Company to operate in the ordinary course during the proceedings under the Canada Business Corporations Act, including with respect to satisfying obligations to service providers, suppliers, contractors and employees; the ability of the Company to continue as a going concern; the ability of the Company to continue to realize its assets and discharge its liabilities and commitments; the Company's future liquidity position and access to capital to fund ongoing operations and obligations (including debt obligations); and the ability of the Company to stabilize its business and financial condition.

Although the Company bases its forward-looking statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this news release.  Other unknown or unpredictable factors also could harm the Company's future results. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as at the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

SOURCE Stoneway Capital Corporation