Brief: Irras Sees Risk Of Becoming Insolvent

Irras AB

24/08/2023 07:19

Aug 24 (Reuters) - Irras AB  IRRAS.ST :
    * CURRENTLY DEPENDENT ON A SHORT-TERM LOAN FACILITY IN AMOUNT UP TO SEK 60 MILLION FROM
BACARA
HOLDINGS
    * CONTINUED TO EXPLORE ALTERNATIVE FINANCING OPTIONS, WHICH WOULD PROVIDE IRRAS NEEDED
CAPITAL TO
REPAY SHORT-TERM LOAN FACILITY
    * TO DATE, NO ALTERNATIVE FINANCING OPTIONS HAVE BEEN IDENTIFIED
    * THERE IS AN IMMINENT RISK OF COMPANY DEFAULTING ON SHORT-TERM LOAN AGREEMENT AND BECOMING
INSOLVENT
    * PLEDGED ITS PATENTS AND SHARES IN ITS UNITED STATES SUBSIDIARY, IRRAS USA INC., TO BACARA
HOLDINGS AS COLLATERAL
    * IRRAS USA WILL GUARANTEE ALL REMAINING OBLIGATIONS OF IRRAS AB IN EXCHANGE FOR IRRAS AB
ENTERING
INTO A LICENSE AGREEMENT WITH IRRAS USA

Source text for Eikon:  ID:nWkr8PzfC1 
Further company coverage:  IRRAS.ST 

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