April 22, 2020 / 1:27 AM / 3 months ago

BRIEF-Pioneer Credit Says Proposed Scheme Of Arrangement With Carlyle Group Terminated

April 22 (Reuters) - Pioneer Credit Ltd:

* PROPOSED SCHEME OF ARRANGEMENT WITH CARLYLE GROUP HAS BEEN TERMINATED

* PROPOSED SCHEME OF ARRANGEMENT WITH CARLYLE GROUP HAS BEEN TERMINATED

* BEGAN LEGAL PROCEEDINGS ON DISPUTE WITH CARLYLE UNDER CO’S SYNDICATED FACILITY AGREEMENT

* NO LONGER SUBJECT TO EXCLUSIVITY PROVISIONS& FREE TO ENGAGE WITH OTHER PARTIES FOR ALTERNATIVE DEAL

* EXPECTS TO SAVE ABOUT $13M IN INVESTMENT SPEND OVER NEXT 3 MONTHS

* COMMENCED DISCUSSIONS WITH POTENTIAL THIRD PARTY LENDERS TO REFINANCE ITS DEBT FACILITIES

* ACTIONS HAVE BEEN TAKEN TO MINIMISE COSTS & POSITION CO TO TRADE THROUGH CURRENT LOCKDOWN PERIOD

* UNAUDITED MANAGEMENT ACCOUNTS REFLECT MANAGEABLE NET LOSS FOR THIS FINANCIAL YEAR

* BELIEVES IN MEDIUM TERM IT MAY SEE SOME BENEFITS FROM REDUCTION IN FUTURE PDP PRICING Source text for Eikon: Further company coverage:

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