oceansix Future Paths Ltd. Announces Receipt of Court Decision Approving Its Debt Settlement Under Israeli Insolvency and Financial Rehabilitation Law

Rhea-AI Summary

oceansix Future Paths (TSXV: OSIX) has received final court approval from the Tel Aviv District Court for its debt settlement request under Israeli Insolvency and Financial Rehabilitation Law. The approved settlement includes:

- Repayment of debts to creditors, excluding major shareholders (Sullam Holdings L.R. , Tedea Technological Development and Automation , and RAM.ON Finance GmbH)
- Cancellation of all existing company shares
- Conversion of major shareholders' debts into company equity

The company is expected to be delisted from the TSXV (pending acceptance), OTCQB, and Borse-Frankfurt Stock Exchange.

Positive

• Debt settlement plan received court approval
• Major shareholders' debt converted to equity, reducing overall debt burden

Negative

• All existing shares cancelled, resulting in complete shareholder value loss
• Imminent delisting from multiple exchanges (TSXV, OTCQB, Borse-Frankfurt)
• Company undergoing insolvency proceedings

Tel Aviv, Israel--(Newsfile Corp. - January 28, 2025) - oceansix Future Paths Ltd. (TSXV: OSIX) ("Oceansix" or the "Company"), announces that, further to its press releases of November 28, 2024 and December 20, 2024, its Request to Approve a Debt Settlement filed with the Tel Aviv District Court in Israel pursuant to the Israeli Insolvency and Financial Rehabilitation Law, 5778-2018 has received the final approving decision of the Court.

As previously announced, the terms of the Debt Settlement provide for the repayment of the Company's debts to its creditors, other than its major shareholders, Sullam Holdings L.R. Ltd., Tedea Technological Development and Automation Ltd., and RAM.ON Finance GmbH (collectively, the "Major Shareholders"). Under the Debt Settlement, all shares of the Company have been cancelled. Debts owed to the Company's Major Shareholders will not be repaid, but have been converted into equity of the Company. It is anticipated that the Company will shortly be delisted from the TSXV (subject to TSXV acceptance), OTCQB and the Borse-Frankfurt Stock Exchange.

About oceansix

For further information about oceansix, please contact:

Elad Hameiri, CEO | +34 673 435 571 oceansix future paths Ltd

Disclaimers

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange's policies) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238690

FAQ

What happens to existing OSIX shareholders after the debt settlement approval?

All existing shares of oceansix Future Paths have been cancelled as part of the court-approved debt settlement, resulting in a complete loss of value for current shareholders.

When will OSIX be delisted from the stock exchanges?

The company is expected to be delisted shortly from the TSXV (subject to acceptance), OTCQB, and Borse-Frankfurt Stock Exchange, though specific dates were not provided.

How does the debt settlement affect major shareholders of OSIX?

Major shareholders' (Sullam Holdings, Tedea Technological Development, and RAM.ON Finance) debts will not be repaid but instead converted into company equity.

Which creditors will be repaid under the OSIX debt settlement plan?

All creditors except the major shareholders (Sullam Holdings, Tedea Technological Development, and RAM.ON Finance) will receive debt repayment under the settlement.