Brief: Axxis Geo Solutions Provides Update On Financial Restructuring

Fjord Defence ASA

22/01/2021 11:52

Jan 22 (Reuters) - Axxis Geo Solutions ASA  AXXI.OL :
    * UPDATE FINANCIAL RESTRUCTURING
    * IF ALL CREDITORS ACCEPT OFFER AND CERTAIN OTHER CONDITIONS
AS
STATED IN STOCK EXCHANGE MESSAGE DATED 14 JANUARY 2021 ARE
FULFILLED, A GROUP OF SOLID AND REPUTABLE NORWEGIAN INVESTORS
HAS PRE-COMMITTED TO INJECT USD 15 MILLION IN NEW EQUITY THROUGH
A PRIVATE PLACEMENT AT A SHARE PRICE OF NOK 0.1
    * A CLEAR MAJORITY OF TRADE CREDITORS AND LENDERS HAVE
ALREADY
ACCEPTED OFFER
    * COMPANY IS WORKING INTENSIVELY WITH REMAINING CREDITORS,
INCLUDING BOND HOLDERS, TO CLARIFY IF THEY ALL WILL BE WILLING
TO ACCEPT OFFER
    * IF REMAINING RELEVANT CREDITORS DO NOT CONSENT TO
VOLUNTARY
SOLUTION, AXXIS IS LIKELY TO FILE FOR FORMAL RECONSTRUCTION TO
BE HANDLED BY COURTS
    * RECOMMENDS THAT VOLUNTARY OFFER IS ACCEPTED BY ALL
CREDITORS
    * BOARD ALSO BELIEVES THAT IT WILL BE BENEFICIAL TO ALL
STAKEHOLDERS TO ACHIEVE A VOLUNTARY SOLUTION INSTEAD OF FILING
FOR A RECONSTRUCTION

Source text for Eikon:  ID:nObir6CjYa 
Further company coverage:  AXXI.OL 

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