Brief: Neovacs: Validation Of "Restarted" Plan By Paris Commercial Court

Neovacs SA

18/05/2020 06:35

May 18 (Reuters) - Neovacs SA  ALNEV.PA :
    * VALIDATION OF THE “RESTARTED” PLAN BY THE PARIS COMMERCIAL
COURT
    * TRANSFER OF ORNANE FINANCING AGREEMENT OF TOTAL RESIDUAL
NOMINAL
AMOUNT OF €5.85 MILLION OVER MAXIMUM PERIOD OF 10 MONTHS, IN
FAVOR OF HBR INVESTMENT GROUP
    * APPROVAL OF PLAN WILL ENABLE NÉOVACS TO CLOSE ONGOING
RECEIVERSHIP PROCEEDINGS
    * SIGNING OF NEW OCEANE-BSA FINANCING AGREEMENT FOR MAXIMUM
NOMINAL AMOUNT OF €40 MILLION OVER MAXIMUM 48-MONTH PERIOD
    * TO RESUME TRADING OF NEOVACS SHARE AS SOON AS POSSIBLE
    * PLAN ALSO PROVIDES FOR SETTLEMENT OF LIABILITIES CLAIMED
BY
NÉOVACS’ CREDITORS, WHICH AMOUNTED TO €20.4 MILLION ON THE DATE
IT WAS APPROVED
    * NÉOVACS’ KINOÏDE TECHNOLOGY, USED IN TREATMENT OF LUPUS,
IS
PATENT-PROTECTED UNTIL 2038
    * IN RESTARTED PLAN, BOARD OF DIRECTORS COOPTED HUGO
BRUGIÈRE AS
DIRECTOR AND APPOINTED HIM CHAIRMAN AND CEO OF COMPANY, WITH
IMMEDIATE EFFECT

Source text : https://bit.ly/3dXWz7c
Further company coverage:  ALNEV.PA 

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