Brief: Footway Exits Reconstruction, Regains Normal Status
15/02/2024 11:34
Feb 15 (Reuters) - Footway Group AB FOOTb.ST :
* FOOTWAY GROUP'S PLAN GAINS LEGAL FORCE
* SOLNA DISTRICT COURT HAS TODAY ANNOUNCED THAT
RECONSTRUCTION
PLAN WITH DEBT SETTLEMENT THAT FOOTWAY GROUP AB OFFERED ITS
CREDITORS AND WHICH WAS ESTABLISHED ON JANUARY 23, 2024, ENTERED
INTO FORCE ON FEBRUARY 13, 2024
* MEANS THAT THE COMPANY HAS NOW EXITED RECONSTRUCTION AND
THUS
REGAINS NORMAL STATUS
* TODAY'S POSITIVE NEWS MEANS PURPOSE OF RECONSTRUCTION HAS
BEEN
ACHIEVED, CO HAS CREATED LONG-TERM SUSTAINABLE FINANCIAL
CONDITIONS TO SECURE BUSINESS
* THE PROFIT THAT ARISES AFTER DEBT SETTLEMENT IS
PROVISIONALLY
210 MSEK AND WILL BE HANDLED AS OTHER INCOME
* THE DEBT WRITE-DOWN MEANS THAT THE CO'S SOLVENCY RETURNS
TO AN
ESTIMATED LEVEL ABOVE 40%
Source text for Eikon: ID:nWkr3NRx5v
Further company coverage: FOOTb.ST
(Gdansk Newsroom)
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