Letter to lenders governing appointment of creditors’ committee
Letter to lenders governing appointment of creditors’ committee

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Letter to lenders governing appointment of creditors’ committee

To: The persons listed in Schedule 1 to this letter [insert names of Lenders]

From: [insert name of solicitors for the Creditors' Committee or the name of the Chair]

Date: [insert date]

Appointment of Creditors' Committee

We refer to the discussions at the meeting of creditors convened by [insert name of debtor company] (the Company) to discuss the proposed restructuring.

  1. 1

    Definitions and interpretation

    1. 1.1

      Definitions

    2. In this letter, unless otherwise provided:

      Business Day

      1. means a day other than Saturday, Sunday and public holidays when clearing banks generally are open for business in London;

      Chair

      1. means the Lender appointed to chair the Creditors' Committee under the Creditor's Committee Agreement;

      Commitment

      1. means

        1. (a)

          any undrawn amount which a Lender has committed to make available to the Company (but excluding any undrawn uncommitted amounts);

        2. (b)

          the principal amount of a Lender's participation in any utilisation by the Company, in each case under the Finance Documents;

      Committee Member

      1. means those Lenders which have agreed to become Committee Members under the Creditors' Committee Agreement including the Chair as listed in Schedule 2;

      Creditor

      1. means any actual, contingent or prospective creditor of the Company;

      Creditors' Committee

      1. means the committee formed to represent the interests of the [Senior OR Unsecured OR