oceansix Future Paths Ltd. Announces Intention to Make Court Filing for Debt Settlement under Israeli Insolvency and Financial Rehabilitation Law, and Publishes its Third Quarter of 2024 Results
oceansix Future Paths (TSXV: OSIX, OTCQB: AKMYF) has announced its intention to file for debt settlement with the Tel Aviv District Court under Israeli Insolvency Law. Under the proposed settlement, all existing shares will be cancelled, and debts to non-major shareholders will be repaid. Major shareholders' debts will be converted to equity. The company will continue operations with financing from major shareholders but expects to be delisted from TSXV, OTCQB, and Borse-Frankfurt after settlement completion. This decision follows assessment of the company's cash position, forecasted financials, and inability to raise capital from public markets.
oceansix Future Paths (TSXV: OSIX, OTCQB: AKMYF) ha annunciato la sua intenzione di presentare una richiesta di accordo per la riduzione del debito presso il Tribunale distrettuale di Tel Aviv, ai sensi della Legge fallimentare israeliana. Secondo l'accordo proposto, tutte le azioni esistenti saranno annullate e i debiti verso gli azionisti non principali saranno rimborsati. I debiti degli azionisti principali saranno convertiti in capitale. L'azienda continuerà le operazioni con finanziamenti da parte degli azionisti principali, ma prevede di essere ritirata dalla TSXV, OTCQB, e Borse-Frankfurt una volta completato l'accordo. Questa decisione è il risultato della valutazione della posizione di liquidità dell'azienda, delle previsioni finanziarie e dell'incapacità di raccogliere capitali dai mercati pubblici.
oceansix Future Paths (TSXV: OSIX, OTCQB: AKMYF) ha anunciado su intención de presentar una solicitud de acuerdo para la liquidación de deudas ante el Tribunal de Distrito de Tel Aviv, según la Ley de Insolvencia de Israel. Bajo el acuerdo propuesto, todas las acciones existentes serán canceladas y las deudas a los accionistas no principales serán pagadas. Las deudas de los accionistas principales se convertirán en capital. La empresa continuará sus operaciones con financiamiento de los accionistas principales, pero espera ser excluida de TSXV, OTCQB y Borse-Frankfurt una vez finalizado el acuerdo. Esta decisión sigue a la evaluación de la posición de efectivo de la empresa, las proyecciones financieras y la incapacidad de captar capital en los mercados públicos.
오션식스 미래 경로 (TSXV: OSIX, OTCQB: AKMYF)는 이스라엘 파산법에 따라 텔아비브 지방 법원에 채무 조정을 제출할 의사를 발표했습니다. 제안된 조정에 따라 모든 기존 주식은 취소되며 비주요 주주에 대한 채무는 상환됩니다. 주요 주주의 채무는 자본으로 전환됩니다. 회사는 주요 주주로부터의 자금 지원으로 운영을 계속할 예정이지만, 조정 완료 후 TSXV, OTCQB 및 Borse-Frankfurt에서 상장 폐지될 것으로 예상하고 있습니다. 이 결정은 회사의 현금 상황, 예상 재무 결과 및 공공 시장에서 자본을 모집할 수 없는 능력을 평가한 결과입니다.
oceansix Future Paths (TSXV: OSIX, OTCQB: AKMYF) a annoncé son intention de déposer une demande de règlement de dettes auprès du tribunal de district de Tel Aviv en vertu de la loi israélienne sur l'insolvabilité. Selon le règlement proposé, toutes les actions existantes seront annulées, et les dettes envers les actionnaires non-majoritaires seront remboursées. Les dettes des actionnaires majoritaires seront converties en capitaux. L'entreprise continuera ses opérations avec le financement des actionnaires majoritaires, mais s'attend à être radiée de la TSXV, OTCQB et Borse-Frankfurt une fois le règlement finalisé. Cette décision fait suite à une évaluation de la position de trésorerie de l'entreprise, des prévisions financières et de l'incapacité à lever des fonds sur les marchés publics.
oceansix Future Paths (TSXV: OSIX, OTCQB: AKMYF) hat angekündigt, einen Antrag auf Schuldenregelung beim Amtsgericht Tel Aviv gemäß dem israelischen Insolvenzrecht zu stellen. Im Rahmen der vorgeschlagenen Regelung werden alle bestehenden Aktien annulliert und die Schulden gegenüber nicht größeren Aktionären werden beglichen. Die Schulden der Großaktionäre werden in Eigenkapital umgewandelt. Das Unternehmen wird mit Finanzmitteln von Großaktionären weiterarbeiten, erwartet jedoch, nach Abschluss der Regelung von TSXV, OTCQB und Borse-Frankfurt ausgeschlossen zu werden. Diese Entscheidung folgt aus der Bewertung der finanziellen Lage des Unternehmens, der prognostizierten Finanzzahlen und der Unfähigkeit, Kapital an den öffentlichen Märkten aufzunehmen.
- Company will continue operations during debt settlement process
- Major shareholders providing ongoing operational financing
- Debt settlement could improve company's financial structure
- All existing shares will be cancelled
- Company unable to raise capital from public markets
- Planned delisting from all current exchanges (TSXV, OTCQB, Borse-Frankfurt)
- Financial distress leading to insolvency proceedings
- Current shareholders will lose their investment
Tel Aviv, Israel--(Newsfile Corp. - November 28, 2024) - oceansix Future Paths Ltd. (TSXV: OSIX) (OTCQB: AKMYF) (FSE: 5FC0) ("Oceansix" or the "Company"), announces that it has summited a Request to Approve a Debt Settlement (the "Debt Settlement") with the Tel Aviv District Court in Israel, pursuant to the Israeli Insolvency and Financial Rehabilitation Law, 5778-2018. The Debt Settlement, if approved, will provide for the repayment of the Company's debts to its creditors, other than its major shareholders, Sullam Holdings L.R. Ltd., Tedea Technological Development and Automation Ltd., and RAM.ON Finance GmbH (collectively, the "Major Shareholders"). Under the Debt Settlement, all shares of the Company will be cancelled. Debts owed to the Company's Major Shareholders will not be repaid, but will be converted into equity of the Company upon completion of the Debt Settlement. The Company will continue its operations during this process and will receive financing to assist in its ongoing operations from the Major Shareholders. Following the conclusion of the Debt Settlement, it is anticipated that the Company will be delisted from the TSXV (subject to TSXV acceptance), OTCQB and the Borse-Frankfurt Stock Exchange. The Debt Settlement is subject to the approval of the Israeli court and the TSXV.
The decision to seek the Debt Settlement was taken after careful consideration of available alternatives, including the Company's cash position, forecasted revenues and expenses, inability to raise capital from the public markets, and its scheduled debt payments. Following consultation with its legal and financial advisors, the Board of Directors has determined that it was in the best interests of the Company to submit a request for the Debt Settlement. At this time, the Company maintains a board of directors having the minimum of 3 directors, it is in good standing with its transfer agent, and it will provide material updates to the Debt Settlement as they occur.
Because the Major Shareholders are considered insiders of the Company, the Debt Settlement may constitute "related party transactions" within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). However the Debt Settlement is exempt from the formal valuation and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(f) and 5.7(d), respectively, because it is subject to a court order to be effected under bankruptcy or insolvency law, and the Debt Settlement, as currently formulated, will not require the court to obtain a valuation or shareholder approval in order to complete the Debt Settlement.
The Company also announces the release of its consolidated financial statements for its third quarter of 2024, which ended September 30, 2024, along with the related Management Discussion and Analysis. These documents will be posted under the Company's profile on SEDAR at www.sedarplus.ca, and on the Company's website at www.oceansix.com.
About oceansix
For further information about oceansix, please contact:
Elad Hameiri, CEO | +34 673 435 571 oceansix future paths Ltd.
Disclaimers
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties, including but not limited the ability of the Company to obtain court approval for the Debt Settlement. The results actually achieved by oceansix future paths Ltd. may substantially differ from these forward-looking statements. oceansix Future Paths Ltd. assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange's policies) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231829
FAQ
What is oceansix Future Paths (AKMYF) debt settlement plan?
Will oceansix Future Paths (AKMYF) continue trading after debt settlement?
What happens to existing shareholders of oceansix Future Paths (AKMYF)?
