Progress on restructuring ENNIA

CBCS and ENNIA seek legal recognition in the U.S. to access American assets of ENNIA

WILLEMSTAD/PHILIPSBURG – The Central Bank of Curaçao and Sint Maarten (“CBCS”) and ENNIA Caribe Holding NV and some of its subsidiaries (“ENNIA”) are seeking legal recognition in the United States of ENNIA’s existing emergency regulations. This recognition helps ENNIA to access the assets of ENNIA in the United States, including the accounts in the name of ENNIA at the American bank Merrill Lynch. In this way, the possibilities are being expanded to bring the restructuring of ENNIA to a favorable conclusion.

The existing emergency regulations for ENNIA do not automatically have enforceable validity in the United States. The legal recognition of the existing emergency regulations in the United States can be achieved by using Chapter 15 of the US Bankruptcy Act. With the legal recognition, the steps required for the restructuring of ENNIA can be implemented more easily in the United States.

By making use of the US bankruptcy law, we are not heading to a bankruptcy of ENNIA. The aim of the restructuring is and remains to improve the solvency of ENNIA. In addition to legal recognition of the existing emergency regulations in the United States, ENNIA will continue to exercise its activities normally and pensions will be paid out.
As announced in July 2018, the CBCS will continue to inform the community about the progress of the restructuring process, provided that the provision of information should not interfere with the restructuring process or make the process more difficult.