June 29, 2017 / 10:21 AM / 2 months ago

BRIEF-Stefanel signs debt restructuring and capital strengthening agreement

June 29 (Reuters) - STEFANEL SPA:

* SAID ON WEDNESDAY IT SIGNED THE DEBT RESTRUCTURING AND CAPITAL STRENGTHENING AGREEMENT

* THE OPERATION INVOLVES THE PROVISION OF A 25-MILLION-EURO HOMOLOGOUS LOAN, WHICH WILL BE USED IN PART TO REPAY THE $ 10 MILLION ALREADY PROVIDED BY EMERGENCY ASSISTANCE BY TRINITY VEHICLE TO ATTESTOR BUSINESS CONTINUITY

* OF THE 25 MILLION EUROS PROVIDED, 11.25 MILLION EUROS TO BE PAID BY TRINITY AND OXY CAPITAL, 12.5 MILLION EUROS TO COME FROM BANKS AND 1.25 MILLION EUROS TO BE PAID BY GIUSEPPE STEFANEL

* CONFIRMED ON THURSDAY THAT ALSO MONTE DEI PASCHI DI SIENA SPA AND UNICREDIT SPA HAVE SIGNED DEBT RESTRUCTURING AGREEMENT

* IN NOV 2016 THE COMPANY SAID TO REQUEST COURT PROTECTION FROM CREDITORS WHILE IT SEEKS AN ACCORD TO RESTRUCTURE ITS DEBT IN AN ATTEMPT TO AVOID BANKRUPTCY

Source text: reut.rs/2sTLob4; reut.rs/2t4cx9C;

Further company coverage: (Gdynia Newsroom)

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