Golden Key Ltd. (in receivership) (the 'Company') acting through and by its receivers, Mark Adams, Neville Kahn and Nicholas Dargan each of Deloitte & Touche LLP (the 'Receivers'), has today announced that it has reached agreement with Goldman Sachs International on non-binding heads of terms for the restructuring of the Company, which shall include the sale of the entire investment portfolio held by the Company.

The heads of terms envisage that certain reinvestment opportunities will be offered to senior creditors of the Company. The restructuring contemplates senior creditors of the Company electing one of the following options: (i) to receive or retain cash; (ii) to receive zero coupon notes; or (iii) to receive pass through notes in a Newco vehicle (including an option to elect to receive a vertical strip of the portfolio).Goldman Sachs International will act as arranger bank in relation to the restructuring.  All parties continue to work towards reaching a binding agreement.

Mark Adams commented: “The Joint Receivers are delighted with the great progress being made towards a Golden Key restructuring.  This progress has partly resulted from the experience that of all the key parties now have with SIV restructuring, but also from the hard work put in by senior creditors and all advisers.”

The Receivers will continue to keep creditors informed of progress in this matter.  Please email goldenkey@deloitte.co.uk if you have any queries regarding this announcement.

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