Brief: Photon Energy NV Proposes Preparatory Measures For Restructuring Of € 78.77 Mln Bonds
BRIEF-Photon Energy NV Proposes Preparatory Measures For Restructuring Of € 78.77 Mln Bonds July 30 (Reuters) - Photon Energy NV PENP.WA:
INVITES HOLDERS OF EUR 78.77 MILLION 6.50% SENIOR BONDS DUE 2027 TO VOTE WITHOUT A MEETING
VOTING PERIOD FOR BONDHOLDERS TO RUN FROM SEPTEMBER 1 TO SEPTEMBER 8
PROPOSES PREPARATORY MEASURES FOR RESTRUCTURING OF EUR 78.77 MILLION BONDS TO ADDRESS FINANCIAL SITUATION
DEFERS COUPONS DUE FEB 23, MAY 23 AND AUG 23 IN ORDER TO PRESERVE LIQUIDITY AND ENSURE SUFFICIENT FUNDING FOR ONGOING OPERATIONS
DEFERRED COUPONS WILL ACCRUE INTEREST AT 6.50% PER ANNUM AND WILL NOT BE WRITTEN OFF
TIMING OF DEFERRED COUPON PAYMENTS TO BE DETERMINED BY INDEPENDENT BUSINESS REVIEW AND SUBJECT TO SEPARATE VOTE AT FUTURE MEETING
Source text: ID:nEM4pR2m2a
Further company coverage: PENP.WA
(Reporting by Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com;))
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