Brief: Goodbye Kansas Group Declares Five Subsidiaries Bankrupt, Prepares Capital Raise
24/10/2023 10:12
Oct 24 (Reuters) - Goodbye Kansas Group AB GBKG.ST :
* GOODBYE KANSAS GROUP DECLARES FIVE SUBSIDIARIES BANKRUPT,
PREPARES CAPITAL RAISE AND INTENDS TO SUBMIT AN OFFER TO
REPURCHASE ASSETS TO CREATE A LONG-TERM SUSTAINABLE STUDIO
BUSINESS
* DECIDED TO DECLARE BANKRUPTCY FOR ITS SUBSIDIARIES GOODBYE
KANSAS STUDIOS AB, GOODBYE KANSAS HOLDING AB, VIRTUAL BRAINS AB,
GOODBYE KANSAS INFINITE AB AND PREVIBLE AB
* BOARD BELIEVES THAT FIVE SUBSIDIARIES DO NOT HAVE
SUFFICIENT
LIQUIDITY FOR THEIR SHORT-TERM WORKING CAPITAL NEEDS, AND THAT
COMPANY'S TOTAL INDEBTEDNESS IS UNSUSTAINABLE IN LONG TERM
* PREPARATIONS ARE BEING MADE FOR A CAPITAL RAISE
* ENTERED INTO BRIDGE LOAN AGREEMENTS AMOUNTING TO A TOTAL
OF SEK
7.25 MILLION
* BANKRUPTCY APPLICATIONS WILL BE FILED TODAY, OCTOBER 24,
2023
* SUBJECT TO GOODBYE KANSAS GROUP BEING ABLE TO PURCHASE
STUDIO
BUSINESS FROM ESTATE, ADDITIONAL COST SAVINGS AND DEBT
WRITE-OFFS ARE PLANNED FOR AS PART OF STRUCTURAL MEASURES
UNDERTAKEN IN Q4 2023 AND Q1 2024
Source text for Eikon: ID:nMFN1sBwhV
Further company coverage: GBKG.ST
(Gdansk Newsroom)
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