Brief: Work Service Updates Restructuring Deal With Banks

Gi Poland SA

10/07/2020 08:53

July 10 (Reuters) - Work Service SA  WSEP.WA :
    * SAID ON THURSDAY THAT IT HAS COMPLETED NEGOTIATIONS WITH
THE GI
GROUP AND THE COMPANY'S LENDERS BNP PARIBAS BANK POLSKA, BANK
MILLENNIUM, SANTANDER BANK POLSKA AND PKO BP REGARDING
RESTRUCTURING OF THE COMPANY'S DEBT RESULTING FROM THE CREDIT
AGREEMENT FROM NOV 18, 2015 AND SIGNED ANNEX THERETO 
    * UNDER ANNEX THE RESTRUCTURING AGREEMENT WILL PROVIDE FOR
PARTIAL
REPAYMENT AND PARTIAL REDUCTION OF THE BANK'S RECEIVABLES
TOWARDS THE COMPANY IN THE AMOUNT OF ABOUT 110.4 MLN ZLOTYS TO
THE AMOUNT CORRESPONDING TO 50% OF THE PRINCIPAL RECEIVABLE AND
REDEMPTION OF THE WHOLE INTEREST ON THE PRINCIPAL RECEIVABLE
UNDER THE LOAN AGREEMENT  urn:newsml:reuters.com:*:nFWN2AD0AV
    * RESTRUCTURING AGREEMENT SHALL ENTER INTO FORCE UPON
FULFILMENT
OF CONDITIONS INCLUDING ACQUISITION OF AT LEAST 50% OF THE
COMPANY'S SHARES PLUS ONE BY GI GROUP 

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM6yYvnja
    
 Further company coverage:  WSEP.WA  
   


 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10))