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Banro Corporation - Status Updates

May 03, 2018

On May 3, 2018, the Monitor delivered the Monitor's Certificate evidencing implementation of the Plan.



April 23, 2018

On April 23, 2018, Justice Wilton-Siegel issued an Order extending the Applicants' Stay Period until June 1, 2018.



March 27, 2018

On March 27, 2018, the Applicants sought and were granted an order sanctioning their plan of compromise and arrangement as approved by the required majority of Affected Creditors at the Creditor's Meeting held March 9, 2018. The Order also included an extension of the Stay Period until and including the earlier of April 27, 2018, or the filing of the Monitor's Certificate.



March 13, 2018

A Motion Record of the Applicants for a Plan Sanction Order was filed on March 13th, 2018. Further detail and the complete Motion can be found in the Motion Materials section.



March 12, 2018

The Applicants attended before Justice Hainey on March 12, 2018. Based on Justice Hainey's endorsement, the Sanction Motion is now scheduled to be heard on March 27, 2018.



March 09, 2018

In accordance with the Meeting Order granted by the Honourable Mr. Justice Hainey on February 1, 2018, the Creditors' Meetings were held on March 9, 2018, and the Plan was approved by the Required Majority of each class of Affected Creditors.

The Applicants will be attending a 9:30 a.m. appointment before Justice Hainey on Monday, March 12, 2018 to request that the Sanction Motion currently scheduled for Friday, March 16, 2018 be rescheduled for later in March, depending upon the Court's availability. The rescheduled date for the Sanction Motion will be provided on the Monitor's Website once set.



March 09, 2018

On March 9, 2018, an Amended Consolidated Plan of Compromise and Reorganisation was filed. The Amended Plan can be found at: http://cfcanada.fticonsulting.com/banro/creditors.htm


February 01, 2018

On February 1, 2018, the Honourable Mr. Justice Hainey granted a Claims Procedure Order and a Meeting Order.

With respect to the Claims Procedure Order, further information can be found at: http://cfcanada.fticonsulting.com/banro/claims.htm
Claims Packages have been sent electronically to all Listed Creditors, including a Notice of Claim. The Claims Bar Date is March 6, 2018.

With respect to the Meeting Order, further information can be found at: http://cfcanada.fticonsulting.com/banro/creditors.htm
Information Packages have been sent electronically to all Known Creditors. The deadline for proxy forms to be received by the Monitor from Affected Creditors is 12pm Eastern Time, March 8, 2018. Full details of both the Meeting of Unsecured Creditors and the Meeting of Secured Creditors are at the aforementioned link.


January 25, 2018

The Applicants will make a motion before the Court on February 1, 2018 at 10a.m., or as soon after that time as the motion can be heard, for Orders regarding a (i) Claims Procedure and (ii) a Meeting Order, which, if granted, will inter alia: accept for filing the Applicants' Consolidated Plan of Compromise and Reorganization (the "Plan"); establish two classes of creditors for the purpose of voting on the Plan; authorize the holding of creditors meetings to consider and vote on a resolution to approve the Plan; set a date for a hearing to sanction the Plan, if approved at the creditors meetings; and approve the Second Report of the Monitor and the activities described therein.


January 18, 2018

On January 18, 2018, the Applicants obtained 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.


January 08, 2018

The Applicants will make a motion before the Court on January 18th, 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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