June 26, 2017 / 6:26 AM / a month ago

BRIEF-Coats signs settlement agreement with Staveley Industries Retirement Benefits Scheme

1 Min Read

June 26 (Reuters) - Coats Group Plc

* Has signed a binding settlement agreement with trustee of Staveley Industries Retirement Benefits Scheme

* Received written assurances from UK pensions regulator that its regulatory action will automatically cease in relation to Staveley under warning notice that it issued to company in 2013 upon completion

* Following a series of company determined corporate steps completion will occur by early July 2017

* The principal commercial terms of the Staveley Settlement are financial support on the basis of a technical provisions deficit as at 5 April 2015 of 97 million stg

* An upfront payment of 74 million stg ($94 million) from Coats' parent group cash paid directly to Staveley (inclusive of the agreed Recovery Plan contributions of 39.5m stg paid to Staveley since 1 January 2016) Source text for Eikon: Further company coverage:

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