Financial Restructuring and Bankruptcy Law

Article 80 — Article (80) Amendment of Preventive Settlement Proposal During Implementation

Part One: Preventive Settlement · Chapter Two: Effect of Issuance of Decision to Initiate Preventive Settlement Proceedings

1. The debtor may, at any time during the implementation of the preventive settlement proposal, serve a notice to its creditors to discuss any amendments deemed necessary to be made to the proposal. Creditors shall be notified of the recommended amendments and their justifications at least ten (10) days prior to the date set for the meeting. In the event that the required majority approves the amended preventive settlement proposal, the debtor shall notify the Bankruptcy Department of this proposal, the minutes of creditors' meetings and proof of attendance and voting and shall request its ratification. The Bankruptcy Court shall, within (10) ten days from notifying the Bankruptcy Department of the amended proposal, ratify the same if it meets the standards of fairness stipulated in Article (75.2) of this Law and obtains the approval of the required majority. Otherwise, the ratification thereof shall be refused or suspended. 2. The decision to ratify the amended proposal may be challenged, in accordance with the provisions stipulated in Article (77) of this Law.

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