The Court ordered the convening of a scheme meeting for a creditors' scheme of arrangement under s 411 of the Corporations Act, being satisfied that all statutory preconditions were met and the scheme was fit for consideration. The Court accepted that the opportunity for creditors to participate in a new working capital facility (Facility C) was not class-creating, following First Pacific Advisors v Boart Longyear, and that the independent expert's dual role as scheme administrator did not materially compromise the independence of the expert report. The Court also dispensed with advertising requirements under r 3.4 of the Corporations Rules given that five of six creditors had already acceded to a restructuring support agreement.
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