Cazoo gains on plans to restructure debt

Cazoo

20/09/2023 12:31

** UK-based online car retailer Cazoo's  CZOO.K  shares rise
6.05% to $1.05 before the bell
    ** Co to cancel $630 million of convertible notes in
exchange for $200 million of new secured debt and new equity
    ** Co says debt reduction part of restructuring agreement,
expects transactions to close in Q4
    ** Cazoo also plans reverse stock split of issued and
unissued stock
    ** Co says debt maturity profile remains unchanged but level
of debt significantly reduced
    ** Co also announces reducing its board to seven members
from eight
    ** YTD, shares down 68.43%

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))