Update - Application to Court for directions in respect of a settlement of the Waterfall III proceedings - 9 August 2017

Following previous announcements in relation to the proposed settlement of the Waterfall III proceedings, the Joint Administrators are pleased to report that two significant further milestones have been reached: 

i) On 1 August 2017, Mr Justice Hildyard gave LBIE and the other UK Affiliates permission to enter into the settlement; and 

ii) The settlement documents have been finalised and executed.

Completion of the settlement is expected to take approximately four weeks, primarily for various administrative steps relating to distributions by the other UK Affiliates. In the meantime the substantive hearing of the second part of Waterfall III planned for September 2017 has been vacated. Assuming the steps required for the settlement to become unconditional take place, the Waterfall III proceedings will be brought to an end. 

The Order giving the Joint Administrators permission to enter into the settlement is here. 

The Order adjourning the Waterfall III proceedings and vacating the hearing date for the September 2017 trial is here. 

On 3 August 2017, Mr Justice Hildyard handed down his approved judgment in respect of the proposed settlement of the Waterfall III proceedings, following the hearing on 24 July 2017. A copy of the judgment is available here.

The Joint Administrators will provide a further update to creditors in due course.