Brief: Carmat Provides Update On The Renegotiation Of The Repayment Terms Of Its Loans With Its Financial Creditors

Carmat SA

22/02/2024 06:11

Feb 22 (Reuters) - Carmat SA  ALCAR.PA :
    * CARMAT - CARMAT PROVIDES UPDATE ON THE RENEGOTIATION OF
THE
REPAYMENT TERMS OF ITS LOANS WITH ITS FINANCIAL CREDITORS
    * CARMAT - EXTENSION OF THE STANDSTILL GRANTED BY THE EIB,
BNP
PARIBAS AND BPIFRANCE UNTIL MARCH 22, 2024, TO FACILITATE THE
CONCLUSION OF A FINAL AGREEMENT COVERING ALL FINANCIAL DEBTS BY
THAT DATE
    * CARMAT - AGREEMENT NOTABLY PROVIDES FOR THE POSTPONEMENT
OF THE
DUE DATE FOR THE FIRST TRANCHE OF THE LOAN (TOTAL AMOUNT OF
APPROXIMATELY €15 MILLION3 IN PRINCIPAL AND INTEREST) TO JULY
31, 2026, AS WELL AS THE POSTPONEMENT OF THE DUE DATES FOR THE
OTHER TWO TRANCHES, RESPECTIVELY TO AUGUST 2027 AND OCTOBER
2028.
    * CARMAT - COULD, BASED ON TO ITS CURRENT BUSINESS PLAN,
FUND ITS
ACTIVITIES UNTIL MID-MAY 2024, AND ESTIMATES ITS FINANCING NEEDS
OVER THE NEXT 12 MONTHS AT APPROXIMATELY €35 MILLION.
    * CARMAT - IF AGREEMENT IS NOT REACHED, CARMAT COULD HAVE
ITS CASH
RUNWAY REDUCED TO MARCH 22, 2024, AND ITS FINANCING NEEDS OVER
THE NEXT 12 MONTHS INCREASED TO APPROXIMATELY €50 MILLION

Source text for Eikon:  ID:nBw6sfmhsa 
Further company coverage:  ALCAR.PA 

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