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11
28.
In
FROM time to time the relevant dates for approval by
creditors of the CHL and CIL Schemes have been extended.
addition the deadline by which the escrow monies were to be
uplifted was extended on various occasions. More importantly,
the escrow monies which, as I have pointed out earlier, are
crucial to the success of any scheme are now no longer available;
the latest extension for their utilisation expired at midnight
on Monday the 3rd October 1983, the deed relating to these escrow
monies having lapsed at that time. For this reason both Hambros
and Wardleys respectively advised CIL and CHL and the creditors
of the Carrian 'Group that there is no "adequate assurance to
eligible creditors in the current circumstances" (of further
availability of the escrow monies)" and that, upon the terms
stated in the communication", (from) "the provider of escrow fund"
(that) "the conditions are incapable of fulfilment".
29.
ON the afternoon of Tuesday 4th October 1983, the
provider of the escrow monies informed Wardleys that in certain
circumstances, the provider would consider again making the
monies available. However Wardleys and Hambros informed CHL, CIL
and the eligible creditors that this information did not change
their earlier advice. Copies of this advice are also attached
and marked "RF12".
30.
IN the light of the foregoing it would appear that the
debt restructuring proposals cannot be proceeded with. Furthermore,
creditors could well argue not only that they had suffered loss
in the time taken in considering the scheme over a long period
{