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Frigoglass (FRIr.AT; U/R) has come to an agreement with its creditors

Frigoglass announced on Thursday 13 April that it has entered into a legally binding agreement with its Core Banks, its main shareholder Boval and an ad-hoc committee representing 39% of its bondholders on the key terms of its debt restructuring.

The implementation of the restructuring will result to a reduction of EUR 136-142mn of debt along with an extension of its maturity by 5 years. Moreover the liquidity will be improved by EUR 70mn, while the interest cost of the company will be cut by c EUR 13mn p.a.

The agreement is pending regulatory approvals.
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