Brief: Second Tier Tax Court Denied Groupon S.R.L.'S Request For A Suspension Of Appeal Bond

Groupon

15/04/2024 23:10

April 15 (Reuters) - Groupon Inc  GRPN.O :
    * GROUPON - ON APR 9, SECOND TIER TAX COURT DENIED GROUPON
S.R.L.'S REQUEST FOR A SUSPENSION OF APPEAL BOND AND SET AN
EXPEDITED HEARING DATE OF JULY 9
    * GROUPON - GIVEN THIS DENIAL, GROUPON S.R.L. REQUIRED TO
POST AN
APPEAL BOND CONSISTING OF ABOUT EUR21 MILLION, DUE IMMEDIATELY
    * GROUPON INC - SEES FIRST QUARTER 2024 REVENUES TO BE CLOSE
TO,
OR ABOVE, THE HIGH-END OF GUIDANCE
    * GROUPON INC - GROUPON S.R.L. WILL BE PAUSING SALES OF
LOCAL
VOUCHERS IN ITALY
    * GROUPON-  GROUPON S.R.L. REQUIRED TO POST APPEAL BOND
CONSISTING
OF ABOUT EUR48 MILLION THAT WILL BE REQUIRED TO BE POSTED ON OR
BEFORE OCTOBER 22
    * GROUPON INC -  ONLINE MARKETPLACE IN ITALY WILL CONTINUE
TO
OPERATE & MARKET GROUPON GOODS & TRAVEL DEALS
    * GROUPON- ITALIAN TAX AUTHORITIES HAVE PLACED A LIEN ON
GROUPON
S.R.L.'S BANK ACCOUNT, WHICH CURRENTLY RESTRICTS OUTGOING
PAYMENTS FROM THAT ACCOUNT
    * GROUPON INC - EXPECTS ASSOCIATED REVENUE LOSS FROM PAUSING
LOCAL
DEALS IN ITALY TO BE ABOUT EUR1 MILLION PER MONTH
    * GROUPON INC - BASED ON GROUPON S.R.L.'S CURRENT LIQUIDITY
POSITION, IT DOES NOT HAVE ABILITY TO POST FULL AMOUNT OF FIRST
APPEAL BOND PORTION
    * GROUPON INC - DO NOT EXPECT DEVELOPMENTS TO IMPACT ABILITY
OF CO
TO MEET ITS OBLIGATIONS OUTSIDE OF GROUPON S.R.L
    * GROUPON- EVALUATING OPTIONS WHICH INCLUDE GROUPON S.R.L.
SEEKING
AN AGREEMENT WITH TAX AUTHORITIES ON AN INSTALLMENT PLAN FOR
BOND OBLIGATIONN
    * GROUPON INC -  EVALUATING OPTIONS WHICH INCLUDE GROUPON
S.R.L.
CEASING CERTAIN BUSINESS ACTIVITIES IN ITALY
    * GROUPON INC -  EVALUATING OPTIONS WHICH INCLUDE TAKING
CERTAIN
RESTRUCTURING ACTIONS SPECIFIC TO GROUPON S.R.L.

Source text for Eikon: [ID:https://bitly.ws/3i5Hc]
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