Orthios Update - February 2023
In light of increasing numbers of enquiries being received by our team since the New Year, we would like to offer you a general update on the position of the Eco Parks Corporate Bonds based on the information currently available to us, which is limited.
Firstly, we should clarify that Mr Robert Colin resigned as Security Trustee on 10th October 2022 and was replaced by Mr Laurence Pagden, a business recoveries specialist and Partner at Menzies LLP. We are advised by Mr Pagden that he intends to provide updates to bondholders in due course.
As confirmed by the former Security Trustee in his last update to you in September, the Orthios site at Holyhead in Anglesey was sold by the Administrators acting for Orthios Eco Parks (Anglesey) Limited and Orthios Power (Anglesey) Limited and we are told that the net sale proceeds have been made available to the new Security Trustee to distribute to bondholders according to the order of priority set out in the security trust and intercreditor deed which governs the bonds.
You will be aware that Best Administration Services Limited (BAS) has fulfilled the role of bond administration as appointed by the Bond Issuer’s originally and then the original Security Trustee once the insolvency process had started, to administer transactions, bond finances and communications as instructed. Since the resignation of the former Security Trustee Mr. Colin to be replaced by Mr. Pagden, BAS no longer has a clear instruction to continue undertaking these duties (until informed otherwise) but we have remained the natural first port of call for investors seeking information on their interests in the absence of an alternative appointment or updates issued elsewhere.
BAS has made a proposal to the new Security Trustee to continue offering support to bondholders and assist with a process to complete distribution of the funds under the Security Trustee’s control and we await initial feedback to these proposals. In the meantime, despite our team having an intimate understanding of the Eco Parks Corporate Bonds, fundraising history, individual investors and their respective circumstances, we cannot offer any further support or comment on the current position and we certainly cannot speculate on plans for distributing the proceeds of the sale unless we receive a formal instruction from the Security Trustee, which at this point we do not have.
We very much hope to be a part of arrangements going forward but until there are further developments, if you need answers with respect to the Security Trustee’s plans and timelines for making distributions, please contact Mr Pagden directly. See link below:
https://www.menzies.co.uk/people/laurence-pagden/
Alternatively, you can contact Craig Ridgley of Voscap Business Recovery, as the Administrator of the above companies for further insight.
https://www.voscap.co.uk/team_members/craig-ridgley/
This is not an update issued on behalf of the Bond Issuers, the Administrators or Security Trustee. This update is provided by BAS as general commentary on the current position for the benefit of all Bondholders, as we know so many of you are demanding clarity on your position as Orthios investors and that these enquiries will continue. We hope to be able to provide a positive update shortly, if instructed to do so.