British Automotive Holding (BAH) and certain of its subsidiaries have received letters from Jaguar Land Rover Limited (JLR) informing them that the entire debt – in the amount of €24.92 million – under the agreement dated 22 October 2021 has been placed on demand due to the late payment of an instalment of the debt, BAH said.
The Issuer announces that BAP has received from JRL a letter entitled ‘Demand for repayment (acceleration noice)’, in which JRL has called for the immediate repayment of the entire debt under the agreement (including accrued interest) in the total amount of €24,919,998.56, it was announced.
The BAH subsidiaries that received the letters are: British Automotive Polska (BAP), British Automotive Łódź (BAŁ), iMotors, British Automotive Gdańsk (BAG) and British Automotive Silesia (BAS).
The agreements of 22 October 2021 were concluded between BAH, BAP, JLR, Książek Holding, British Automotive Centrum, BAG, BA³, BAS, iMotors, AML Polska and SK Motors in liquidation and concerned the repayment of BAH’s and BAP’s joint and several debts to JLR.
In the opinion of the issuer’s management board, the statement received by BAP contained in JRL’s letter is inadmissible under Article 256(2) in conjunction with paragraph 1 of the Restructuring Law. The Issuer’s Management Board is of the opinion that due to the ongoing PZU, in which the Agreement has been placed by the supervisor of the arrangement, i.e. Alerion sp. z o.o., in the list of agreements of fundamental importance for the running of BAP’s business, and due to the lack of the required consent of the supervisor of the arrangement, as well as the inapplicability of Article 256(3) of the Restructuring Law, due to the inclusion of the debt resulting from the Agreement in the proceedings for the approval of the arrangement, the statement issued by JRL to BAP is ineffective.
BAH also stresses that the company, as well as BAP, BAS, BAL, BAG and iMotors, have received notices from JRL placing the entire debt under the Arrangement in default, with an indication that failure to repay the debt within seven days will be on pain of the realisation of certain of the securities that BAH announced on 22 October 2021.
British Automotive Holding, through its subsidiaries, distributes cars, spare parts and accessories, as well as comprehensive servicing of the Jaguar and Land Rover brands on the Polish market. It has been listed on the main market of the Warsaw Stock Exchange since 2008.
Source: BAH Group and ISBnews
Photo: British Automotive Holding PL
