Bumech creditors in favor of arrangement proposal

On Thursday Bumech creditors voted in favor of approving arrangement proposal, the company said. The court hearing regarding accepting arrangement proposal is scheduled for July 31. In April Bumech proposed to divide creditors into three groups. The company offered to pay the full amount in 96 installments to public creditors and creditors with debt secured by Bumech assets. Bumech would pay 70 percent of the amount in 96 installments to the remaining creditors, according to the proposal. Bumech offered creditors from the last two groups to exchange their claims for convertible bonds worth 100 percent of the claim and pending interests.