Ann: Company Update, page-6

Before taking refuge in ‘Schadenfreude’ it is worth remembering that in any liquidation the payment of creditors is as follows:
liquidator, secured creditors, preferential creditors, unsecured creditors, and finally, shareholders. Given that EWC now has only 1 secured creditor (Standard Chartered $16.8m) whose debt has not been paid, as HSBC debt is already fully secured via reserve account, and not much financial obligation to employees , unsecured creditors are next in line. All before shareholders. Hence, whether EWI and Slipform loans (both by trhe way are expressed in US$) are secured or not makes very little, if any difference, at the moment.

I think the more interesting development relates around the ‘good faith negotiations’ SE/Slipform conduct with EWC re: their loans falling due in June 2024 and any new due date being settled which EWC has a realistic chance of meeting its financial obligations