Positioning for post-COVID future – Update on Restructuring Plan – Key Milestone Achieved

gategroup Holding AG (“gategroup”, the “Company” and together with its subsidiaries, the “Group”), announces that an explanatory statement has today been published to Bondholders and Senior Lenders in connection with gategroup Guarantee Limited’s (the "Plan Company") financial restructuring plan designed to position the Company for a post-COVID future.
 
Background
 
As announced on 26 November 2020, the Group, its shareholders, RRJ Capital and Temasek (the "Shareholders") and all of the Group’s bank lenders under the senior facilities agreement dated 30 November 2018 (the "Senior Lenders" and the "SFA", respectively) have agreed to the key terms and conditions of a recapitalisation of the Company and amendment of the terms of the Group’s financial indebtedness (the “Transaction”).
 
On 11 December 2020, the Company and gategroup Finance (Luxembourg) S.A. (the "Issuer"), as issuer of the CHF 350,000,000 3% bonds due 2022 (the "Bonds"), announced that, in order to implement certain aspects of the Transaction, the Plan Company, a wholly owned subsidiary of the Company, had issued a practice statement letter to holders of the Bonds (the "Bondholders") and the Senior Lenders, formally notifying them of the Plan Company’s intention to launch an English restructuring plan under Part 26A of the United Kingdom’s Companies Act 2006 (the "Plan") which will, amongst other things, amend certain terms of the Bonds and the SFA. The practice statement letter is available by registering on the Plan Website at https://glas.agency/investor_reporting/gategroup-en/.
 
Explanatory Statement
 
As a key step to approving the Plan, the Plan Company has today published an "Explanatory Statement" to the Bondholders and Senior Lenders, setting out in detail the terms and the effect of the Plan. It is important that Bondholders and Senior Lenders read the Explanatory Statement carefully, and Bondholders and Senior Lenders are encouraged to participate in the Plan process. Among other things, the Explanatory Statement contains further, important details on the Transaction, the Plan, the process by which the Plan will become effective, Bondholders‘ and Senior Lenders‘ rights in relation to the Plan, as well as information for Bondholders and Senior Lenders on how to vote on the Plan.
 
Plan Meetings
 
The separate meetings of the Bondholders and Senior Lenders to consider, and if thought fit, approve, the Plan (the "Plan Meetings") will take place on 19 March 2021 as follows:

1. a meeting of the Bondholders, commencing at 11.00 a.m. (CET) (the "Bondholders‘ Plan Meeting"); and 
2. a meeting of the Senior Lenders, commencing at 12.00 a.m. (CET) (or as soon as reasonably practicable after the conclusion of the Bondholders‘ Plan Meeting) (the "Senior Lenders‘ Plan Meeting").

Bondholders are encouraged to vote at their Plan Meeting.   
 
Next Steps
 
The Explanatory Statement, together with (i) a notice of the Plan Meetings, and (ii) a copy of the proxy forms for voting at the Plan Meetings, are available via the Plan Portal which can be accessed by Bondholders at https://glas-agency.appiancloud.com/suite/sites/gategroup (Bondholders having first registered on the Plan Website at https://glas.agency/investor_reporting/gategroup-en/). Alternatively, Bondholders may contact the Information Agent, GLAS Specialist Services Limited, using the details below:
 
GLAS Specialist Services Limited
45 Ludgate Hill
London
EC4M 7JU
Email: LM@glas.agency
Telephone: +44 (0)20 3597 2940

Forward-Looking Statements    
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual results to differ materially from those expressed in forward looking statements. Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.