Quabit Appreciates by 5% at Singing Refinancing Agreement with Sareb

21/03/2014 – Invertia

Together with the company´s 2013 results, Quabit announced coming to an agreement on debt refinancing with nine financial institutions. (…) At the moment, the good news are awarded appreciation on the stock market where per-share value of the firm advances by 4.76% up to €0,132.

The arrangements with the lenders contain:

1. Financial debt cancellation through sales, deed in lieu of foreclosure or asset release.

2. Liquidity contribution and asset release to the company so that it could face corporate expenses.

3. Agreement with Sareb on refinancing by December 2016, approximate maturity deadline of other loans.

4. Agreement with Sareb and other lenders on marketing and sales of collateral assets with view to eventual debt cancellation.

By 31st December, the group will have the indebtness reduced by €390 million (to €587.5 million) (…).

5. Limiting recourse against the company in regard to the rest of the financial debt from the lenders involved in the negotiations, receiving the collateral assets only. (…).



Original article: Invertia (E. Ruiz-Hidalgo)

Translation: AURA REE