Brief: Fastator Aims To Initiate Written Procedure, Flags Risk of Breaching Financial Solvency Covenant

Fastator AB (publ)

16/02/2024 15:11

Feb 16 (Reuters) - Fastator AB (publ)  FASTAT.ST :
    * AIMS TO INITIATE WRITTEN PROCEDURE FOR BOND LOANS SERIES 2020/2025, 2020/2026 AND
2021/2027
    * INTENDS TO ENTER INTO NEGOTIATIONS WITH MAJOR HOLDERS OF THE BONDS
    * FINANCIAL COVENANT AS OF DEC. 31 2023 IS EXPECTED TO AMOUNT TO ABOUT 33% WHEREAS ACCORDING
TO
TERMS OF  BONDS IT SHOULD BE HIGHER THAN 45 %
    * ALSO INTENDS TO INITIATE WRITTEN PROCEDURES UNDER THE BONDS WITH REQUEST FOR AUTHORISATION
REGARDING NON-COMPLIANCE WITH SOLVENCY COVENANT
    * WILL THEREFORE FAIL TO MEET FINANCIAL SOLVENCY COVENANT UNDER BOND TERMS AND GROUNDS FOR
TERMINATION WILL OCCUR UNDER TERMS AND CONDITIONS UPON PUBLICATION OF YEAR-END REPORT FOR 2023

Source text for Eikon:  ID:nMFN9YCqsX 
Further company coverage:  FASTAT.ST 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))