Press release 10/03
The Commission de Surveillance du Secteur Financier (the “CSSF”) has decided today to suspend the securities issued by LIFEMARK S.A. (“Lifemark”) from trading on the regulated market of the Luxembourg Stock Exchange. As previously announced, a provisional administrator (administrateur provisoire) has already been appointed to Lifemark’s board of directors on 18 November 2009, for a period of three months, with a mission of auditing, initiative and investigation (please refer to our press release of 19 November 2009). The provisional administrator has, inter alia, been appointed to develop, if possible, together with Lifemark’s board of directors, a long-lasting solution to Lifemark’s current problems and will file a detailed report on all his findings to the CSSF. In the meantime, Lifemark’s board of directors have submitted a proposal on 31 January 2010 to the CSSF to restructure Lifemark’s debt that would mainly consist of running out the portfolio and changing the terms and conditions of existing bonds into zero coupon bonds that will not carry an entitlement to receive interest payments. This proposal would, if accepted by the CSSF, be forwarded to the trustee who will be asked to waive immediate coupon payments for the bonds and eventually arrange for the bondholders to vote on the debt restructuring proposed by the board. The CSSF will analyse, on the basis of its investigations and the provisional administrator’s report, whether the proposal of Lifemark’s board of directors will ensure that investors will recover their original investments or whether the specific liquidation regime of the Luxembourg securitization act will best protect the rights of all investors.