MILKILAND (MLK): Signing the debt restructuring agreement with Pekao Bank S.A. - raport 12

Raport bieżący nr 12/2017

Podstawa Prawna:
Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bieї№ce i okresowe

The Board of Directors of Milkiland N.V. (“the Company") informs that the Amendment agreement to Revolving Credit Facility agreement and Overdraft Credit Facility agreement between Pekao Bank S.A. (“the Bank”), from one side, and Ostrowia sp. z.o.o. (“the Borrower”), Milkiland EU and UA Trade, all together are the Group’s Polish subsidiaries, and the Company, on another side, on restructuring of the indebtedness in the total amount of PLN 7.6 million (EUR 1.8 million), was signed on 31 July 2017.

The Parties agreed that the final repayment of the indebtedness shall be made on 30 June 2018.

In order to secure the repayment of the principal sum of the indebtedness, the monthly repayment schedule was applied. The Borrower also took the obligation to sell the non core assets in the sum of not less than PLN 0.509 million (EUR 0.12 million) until 28 February 2018 and allocate the obtained proceedings for the repayment to Pekao Bank S.A.

The Parties also agreed to postpone the payment of the interest due and penalty interest accrued to the overdue debt liabilities in the total amount at PLN 0.601 million (EUR 0.143 million) until 30 June 2018.

During of the term of the Amendment agreement, the Bank took the obligation to refrain from debt enforcement of the real property consisting of the production plant of the Borrower.

The Borrower was obliged to submit to the Bank the new debt repayment proposal by 15 April 2018.