Issue link: https://maltatoday.uberflip.com/i/1424528
maltatoday | SUNDAY • 31 OCTOBER 2021 10 NEWS The Ministry for Education will continue to assist financially those educators and students who cross the channel on a daily basis between the islands by the introduction of an "EDU Fast Ferry Card". Through the "EDU Fast Ferry" scheme, eligible applicants will be reimbursed a substantial part of the fare when using the fast ferry service on school days. This scheme will apply as from 1 st November 2021. Educators and students are invited to apply by accessing the Education Ministry's website or on the "Education" Facebook page and apply online, by 3 rd November 2021. EDU Fast Ferry Scheme Call for Applications: The Broadcasting Authority is seeking to fill the post of Chief Technical Officer A detailed job description is to be found on the Broadcasting Authority's website: http://www.ba.org.mt. Applicants must submit a letter of application together with a detailed copy of their CV by: • e-mail to administration.ba@ba.org.mt • not later than noon, Wednesday 10th November 2021 Late applications will not be considered Jobs Plus Permit 740/2021 The Broadcasting Authority is a constitutional entity which regulates, licences and monitors all radio and television broadcasts originating from the Maltese Islands. Broadcasting Authority 7, Mile End Road, ĦAMRUN ĦMR 1719, Malta. Telephone: +356 2201 6000 MATTHEW VELLA THE Melite Finance bondhold- ers are expected to be sum- moned for a contentious meet- ing to discuss the fate of the beleaguered fashion retail chain, on 12 November. The notice comes just as Melite Finance published be- lated interim accounts in Oc- tober, which shows the compa- ny's equity had been wiped out. With a devastating pandemic having closed down Melite's chain of Accessorize shops across the north of Italy all throughout 2020, Melite Fi- nance will be asking bondhold- ers to consider its proposal to reduce its 4.85% coupon in- terest on their €9.25 million bonds as well as further reduce their security on the bonds. The proposals for shoring up Melite's dire financial situation are for secured bondholders to have their interest rate pay- able on the bonds from 4.85% to zero in respect of the bond interest due next month, the 23 November 2021; to 2.5% in re- spect of interest due in Novem- ber 2022 and to 3% in respect of interest payable in Novem- ber 2023, with the proposal in- dicating that Mellite "reserves the right" to extend the reduc- tions of the interest over the remaining term of the bonds. Besides a number of rescis- sions of property leases in northern Italy that have al- ready taken place, the company is proposing further rescissions of property beyond the value allowed in the bond prospec- tus, a prospect that further dilutes the value of the bond- holders' security. "The company is not making any positive proposals for rem- edying its dire financial situa- tion. In a situation where the company is insolvent and may possibly be wrongfully trading – were it not for a COVID le- gal reprieve – the shareholders are not proposing any recapi- talisation, limiting themselves to a long-suspected plan of requesting a bail-out from the creditors, indeed secured bondholders of the company," said Paul Bonello, of Finco Treasury Management, who represents a group of interest- ed bondholders. Originally, Melite had an- nounced back in August a bondholders meeting for 8 October 2021, but this could Melite bondholders asked to forgo entire 2021 interest November meeting for Melite Finance bondholders will see shareholders request that bondholders do not pocket interest this year, and get only 3% by 2023