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Banro announces court approval of recapitalisation Plan

Banro Corporation and its Barbados-based subsidiaries have announced that the Ontario Superior Court of Justice has sanctioned the companies’ amended consolidated plan of compromise and reorganisation (Recapitalisation Plan).

The companies are now working towards satisfying conditions precedent and closing the recapitalization transaction as soon as possible.

The court’s sanction of the Recapitalisation Plan is a key step towards its implementation and the Companies’ emergence from protection under the Companies’ Creditors Arrangement Act (CCAA).

The Recapitalization Plan represents the best alternative for the long-term interests of the Banro Group which significantly reduces debt, improves liquidity, and allows the Banro Group to continue ongoing operations in the DRC.

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