Brief: Herkules Says Its Revolving Loan Lowers To 1.0 Mln Zlotys

Herkules SA w restrukturyzacji

27/10/2022 07:00

Oct 27 (Reuters) - Herkules SA  HRSP.WA :
    * SAID ON WEDNESDAY IT HAS RECEIVED INFORMATION FROM ING
BANK
SLASKI REGARDING TWO CASES OF BREACHES OF LOAN AGREEMENTS
CONCLUDED BETWEEN THE BANK AND THE COMPANY
    * THE BANK RECOGNISED THE EXCEEDING OF THE PERMISSIBLE LEVEL
OF
THE DEBT RATIO AS A DEFAULT INTEREST-BEARING IN RELATION TO
EBITDA ASSESSED ON THE BASIS OF DATA PUBLISHED IN THE FINANCIAL
REPORT FOR FIRST HALF OF 2022
    * THE EXCEEDING RESULTED FROM THE OVERESTIMATION OF THE
GSM-R
PROJECT BUDGET BY THE HERKULES INFRASTRUKTURA UNIT
    * THE SECOND BREACH OF LOAN AGREEMENT CONCERNS THE FAILURE
TO
COMPLETE OBLIGATIONS UNDER THE LOAN AGREEMENT BY HERKULES
INFRASTRUKTURA WITH BANK GOSPODARSTWA KRAJOWEGO (BGK)
    * BGK BELIEVES THAT SAID FAILURE CREATES CONDITIONS WHICH
MAY HAVE
A MATERIAL ADVERSE EFFECT ON THE FINANCIAL AND PROPERTY STANDING
OF HERKULES INFRASTRUKTURA AS A BORROWER
    * AS A RESULT OF AFOREMENTIONED BREACHES THE BANK HAS
LOWERED THE
AMOUNT OF THE REVOLVING LOAN FOR THE COMPANY TO 950,000 ZLOTYS
FROM 2.5 MLN ZLOTYS

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nEMbMkY6va
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