On April 9, 2021, Automotores Gildemeister SpA (“AG”) commenced solicitation of its “prepackaged” plan to file bankruptcy in the United States. If successful, AG will avoid paying amounts due in mere weeks on its 8.25% Notes for up to 14 years. Similarly, holders of the 6.75% Notes due in 2023 and the 7.5% Notes due 2021 (together with the 8.25% Notes, the “Senior Notes”) will receive new subordinated notes that extend maturity for 14 years, allow AG to escape paying most of the interest obligations in cash to holders of the Notes, and reduce the amount due on the Senior Notes by almost 80%.