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Banro Corporation - Status Updates

January 08, 2018

The Applicants will make a motion before the Court on January 19th, 2018 at 10 a.m., or as soon after that time as the motion can be heard, for Orders regarding: (i) extension of the Stay Period (as defined in the Initial Order) to March 30, 2018; (ii) pursuant to paragraph 43 of the Initial Order dated December 22, 2017 (the "Initial Order"), priority of the CCAA charges over all Encumbrances (each as defined in the Initial Order); and (iii) approval of a sale and investment solicitation process.


December 22, 2017

On December 22nd, 2017, Banro Corporation, Banro Group (Barbados) Limited, Banro Congo (Barbados) Limited, Namoya (Barbados) Limited, Lugushwa (Barados) Limited, Twangiza (Barbados) Limited and Kamituga (Barbados) Limited (together, the "Applicants"), obtained an "Initial Order" under the Companies' Creditors Arrangement Act (the "CCAA") from the Ontario Superior Court of Justice (Commercial List). Pursuant to the Initial Order, FTI Consulting Canada Inc. (the "Monitor") has been appointed Monitor. The Initial Order also provides for a stay of proceedings for an initial thirty (30) day period subject to further extensions by the Court, (the "Stay of Proceedings").


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