REG - Tasty PLC - Restructuring Plan - Update

TastyAnnouncement

03/05/2024 16:00

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RNS Number : 2431N  Tasty PLC  03 May 2024

3 May 2024

Tasty plc

("Tasty", the "Company" or the "Group")

 

Restructuring Plan  - Update

 

Further to the announcement on 9 April 2024, Tasty (AIM: TAST), the owner and
operator of restaurants in the casual dining sector, announces the following
update on the Company's restructuring plan (the "Restructuring Plan").

 

Under the Restructuring Plan, there will now be 7 classes of creditors (from
the previous 5) with the additional classes of creditors comprising (i)
landlords of the loss making sites whereby agreements have been reached in
respect of the Group's short term occupation, on the basis of zero or reduced
rent and rolling break clauses and (ii) consequential impact upon Rating
Authority creditors in respect of such sites. These additional classes do not
increase the number of creditors affected by the Restructuring Plan nor do
they impact upon the estimated dividends for each class of creditor under the
Restructuring Plan. There are no additional changes to the Restructuring Plan.

 

In light of the need for new classes of creditors, a supplemental Practice
Statement Letter ("PSL") has been circulated to affected creditors. In order
to allow full disclosure and give Plan Creditors sufficient time to consider
the amendment, the first Court hearing (the "Convening Hearing") is now
expected to take place on 10 May 2024.

 

The second hearing (the "Sanction Hearing") is expected to be held on 4 June
2024, at which the Court considers whether to sanction the Restructuring Plan.
 

 

Further announcements will be made, as appropriate, in due course.

 

Enquiries:

 

 Tasty plc                          Tel: 020 7637 1166

 Jonny Plant, Chief Executive

 Cavendish Capital Markets Limited  Tel: 020 7220 0500

 Katy Birkin/George Lawson

 

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