Brief: Nextil Says Manuel Martos Resigns As CEO, To Propose Novation Of Terms Of Its Convertible Bonds

Nueva Expresion Textil SA

24/10/2023 06:34

Oct 24 (Reuters) - Nueva Expresion Textil SA  NXTE.MC :
    * SAID ON MONDAY BOARD ACKNOWLEDGED RESIGNATION TENDERED BY
MANUEL
MARTOS AS DIRECTOR AND CEO, EFFECTIVE OCTOBER 20, 2023 
    * RESIGNATION DUE TO PERSONAL AND HEALTH REASONS
    * BOARD ALSO TO PROPOSE NOVATION OF TERMS AND CONDITIONS OF
CONVERTIBLE BONDS OF NEXTIL, WHICH ISSUE WAS APPROVED ON JUNE
12, 2019
    * NOVATION WOULD ENTAIL, AMONG OTHER THINGS, EXTENDING
MATURITY
DATE, CURRENTLY SET FOR END OF 2023, TO JUNE 17, 2026
    * THIS AIMS TO ENABLE IT TO CONTINUE TO MEET ITS CORPORATE
EXPANSION NEEDS WITHOUT COMPROMISING ITS CASH POSITION
    * BOARD ALSO APPROVED SUBSCRIPTION OF 4 MILLION EURO
PARTICIPATIVE
LOAN TO BE GRANTED TO NEXTIL BY ITS SHAREHOLDER BUSINESSGATE
    * IT ALSO APPROVED PLAN TO REDUCE ITS CORPORATE STRUCTURE
COSTS IN
ORDER TO IMPROVE ORGANISATIONAL EFFICIENCY AND INCREASE BUSINESS
MARGINS

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nCNM8jJKH7
 Further company coverage:  NXTE.MC  

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