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Structural division: BOOK THREE › party › CHAPTER FOUR
Article 679 — New Financing
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ New financing may be granted by existing or new creditors in order to implement a reorganization plan.
2/ New financing included in the reorganization plan and confirmed by the Court shall have priority over unsecured creditors in case of the subsequent opening of bankruptcy proceedings; but shall rank below the new financing granted in the framework of preventive restructuring proceedings; the Court may confirm a security for new financing over unencumbered assets of the debtor in which case the priority of new financiers shall be treated in accordance with the rules of priority of secured creditors.