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Structural division: BOOK THREE › party
Article 627 — Adoption of the Restructuring Plan
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ The restructuring plan is prepared by the debtor with the assistance of the expert in the field of restructuring; The creditors shall have the right to seek to amend the restructuring plan and make counter-proposals.
2/ The restructuring plan shall be accepted by all affected creditors participating in the preventive restructuring proceedings.
3/ The restructuring plan may provide for:
a) the rescheduling of the claims of the affected creditors;
b) the waiver of claims of the affected creditors;
c) the settlement of claims through the issuing of financial debt instruments subject to laws regulating the issuance of financial debt instruments;
d) the conversion of claims of the affected creditors into equity;
e) without prejudice to the mandatory provisions of this Code, the reduction or increase of capital of the debtor to be subscribed to by creditors or third party investors;
f) the sale of existing or issuance of new shares in favor of creditors or third party investors.