April 30, 2018 / 12:38 PM / 3 months ago

BRIEF-Sygnity Signs Restructuring Deal With Creditors

April 30 (Reuters) - SYGNITY SA:

* SAID ON FRIDAY THAT THE COMPANY AND ITS UNIT SYGNITY INTERNATIONAL SP. Z O.O. SIGNED RESTRUCTURING DEAL WITH BANKS (ING BANK SLASKI SA AND DEUTSCHE BANK POLSKA SA), BONDHOLDERS HOLDING IN TOTAL AROUND 99% OF BONDS ISSUED BY COMPANY AND MICROSOFT IRELAND OPERATIONS LTD (TOGETHER CREDITORS)

* RESTRUCTURING DEAL ASSUMES IMPLEMENTATION OF AGREED ACTIONS RESTRUCTURING COMPANY ON FINANCIAL, ASSET AND OPERATIONAL LEVELS

* RESTRUCTURING DEAL SETS FINAL REPAYMENT DATE OF COMPANY’S CLAIMS AT 2022-END

* DEAL PROVIDES INCREASE OF COMPANY’S SHARE CAPITAL BY 10-12 MILLION ZLOTYS THROUGH ISSUANCE OF NEW SHARES IN PRIVATE OFFER WITHOUT PRE-EMPTIVE RIGHTS

* DEAL ALSO ASSUMES BONDS REDEMPTION WITH DISCOUNT MEANING THAT COMPANY WILL REDEEM ITS BONDS OF TOTAL NOMINAL VALUE OF 23 MILLION ZLOTYS FOR PRICE OF 17.25 MILLION ZLOTYS

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Further company coverage: (Gdynia Newsroom)

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