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  • EA Partners
An Update from Steering Committee EA Partners
EA Partners I B.V. (“EAP I”) $700,000,000 6.875% Notes due 2020 (ISIN: XS1293573397) EA Partners II B.V. (“EAP II”) $500,000,000 6.750% Notes due 2021 (ISIN: XS1423779187)

• GM convened to file claims in the Alitalia and Air Berlin insolvency proceedings
• Steering Committee notes Etihad’s failure to provide access to debt assumption agreement with Alitalia
• Steering Committee still seeks consensual path forward

Extraordinary general meetings (the “EGMs”) of the holders of the Notes (the "Noteholders"), have been brought together by EAP I and EAP II to be took part on 6 April, 2020. The target of the EGMs is to look for approval from the Noteholders to guideline EAP I and EAP II to file claims in both the Alitalia Societa Aerea Italiana S.p.A (“Alitalia”) Insolvency Proceedings and the Air Berlin PLC (“Air Berlin”) Insolvency Proceedings.

The steering committee of Noteholders (the “Steering Committee”) has frequently asked Etihad for data associated to its dealings and relationships with its associates. This includes access to the debt assumption agreement between Etihad and Alitalia. To date, Etihad has not given access to this information, thereby inhibiting the Steering Committee’s ability to make sure the extent of Etihad’s liability towards its associates and the Noteholders.

The Steering Committee still looks for to find a generally acceptable resolution to the matters associated to the Notes, which includes the non-payment of required interest, and will reserve no effort to protect the interests of the Noteholders. Accordingly, the Steering Committee looks ahead to engaging usefully with the relevant stakeholders and reiterates its invitation to Etihad, the other underlying obligors, and other interested related parties to work with the Steering Committee to discover a consensual path forward as expeditiously as possible.

The Steering Committee can be contacted through its financial adviser, PJT Partners (UK) Limited, at eapartners@pjtpartners.com.




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