ABCD
KPMG P.O. Box 493 Century Yard, Cricket Square Grand Cayman KY1-1106 CAYMAN ISLANDS
Telephone Fax Internet
+1 345 949 4800 +1 345 949 7164 www.kpmg.ky
All Creditors 07 May 2009
Our ref Contact
73228 Lucy Henderson (+1 345 815 2638)
Dear Sir or Madam,
PetroProd Ltd. (In Provisional Liquidation) (“PPL”) - Notice to Creditors
As you may be aware, Simon Whicker and Kris Beighton were appointed Joint Provisional Liquidators (“JPLs”) of PPL by Order of the Grand Court in the Cayman Islands on 9 April 2009. We enclose a copy of the Court Order confirming our appointment as JPLs for your records. Creditors meeting Further to work undertaken by the JPLs to date, it is their opinion that PPL is insolvent. Accordingly, pursuant to Order 8 of the Companies Winding Up Rules, 2008, the JPLs wish to call a meeting of PPL’s creditors. The JPLs intend to hold a meeting of creditors by tele-conference on Thursday 28 May 2009. The dial-in details are as follows: Time Telephone no. Meeting name Operator name 9am (Cayman time), 10am (New York time), 2pm (GMT), 3pm (BST, London time) +1703 639-1218 PetroProd Ltd. Creditors’ Meeting Patty Richey
Any creditor wishing to attend this meeting should notify the JPLs using the attached form, indicating the outstanding amount of debt owed to them. Any creditor who has presented a form, and whose status as a creditor is validated against the company’s records, within the specified time frame, will be entitled to attend the meeting. Please note that a list of creditors will be available for distribution after the meeting. Please also note that all attendees, by registering with the conference operator, acknowledge their attendance to be included on a register and will also be asked to confirm their acceptance of the confidential and private nature of the meeting.
KPMG, a Cayman Islands partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.
ABCD
All Creditors PetroProd Ltd. (In Provisional Liquidation) (“PPL”) Notice to Creditors 07 May 2009
The main business of the meeting will be to: Update creditors of the current status of the provisional liquidation; Provide an opportunity for creditors to put queries to the JPLs; and Establish a Liquidation Committee.
Liquidation Committee It is normal practice for a Liquidation Committee to be established for companies placed into liquidation proceedings by the Grand Court of the Cayman Islands. The purpose of the Liquidation Committee will be to assist the JPLs in carrying out their duties and, in certain circumstances, to provide sanction to the JPLs’ activities. Any creditor who has presented a valid registration form, and that has not had that debt wholly rejected by the JPLs, is eligible to make themselves available for election to the Liquidation Committee. The Liquidation Committee will consist of a minimum of three, and a maximum of five, creditors. Should the number of creditors wishing to take part in the Liquidation Committee exceed five then the membership of the Liquidation Committee will be decided by the body of creditors in attendance at the creditors meeting. If you wish to seek election to the Liquidation Committee please complete the relevant sections of the attached form and return it to the JPLs no later than mid-night (GMT) on 27 May 2009. Submission of Creditors’ Registration Forms Please note that the JPLs shall accept completed Creditors’ Registration Forms via email (scanned PDF versions) or facsimile, but we request that signed originals be mailed to the KPMG office in the Cayman Islands: FAO Lucy Henderson KPMG PO Box 493 Century Yard, Cricket Square Grand Cayman KY1-1106 CAYMAN ISLANDS
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ABCD
All Creditors PetroProd Ltd. (In Provisional Liquidation) (“PPL”) Notice to Creditors 07 May 2009
Where a Registration Form has been submitted by email or facsimile, and its receipt acknowledged, the receipt of the signed, mailed, original shall not be subject to the above stated deadline, but we nevertheless request it be provided for the JPLs’ records. If you have any queries in relation to this letter please do not hesitate to contact either Lucy Henderson or myself on +1 345 815 2638 and +1 345 914 4381 respectively. Alternatively, we can be reached at lucyhenderson@kpmg.ky and swhicker@kpmg.ky. Yours faithfully,
Simon Whicker Joint Provisional Liquidator
Enclosures: Copy of Court Order Creditors Meeting Registration Form
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