Brief: Rightbridge Averts Further Investment In Tricked Resulting In Foreclosure Decision

Rightbridge Ventures AB

12/04/2023 21:40

April 12 (Reuters) - Rightbridge Ventures Group AB
 RIGHTB.ST :
    * RIGHTBRIDGE AVERTS FURTHER INVESTMENT IN TRICKED RESULTING
IN
FORECLOSURE DECISION
    * RIGHTBRIDGE AVERTS FURTHER INVESTMENT IN TRICKED RESULTING
IN
FORECLOSURE DECISION
    * RIGHTBRIDGE VENTURES - CONTINUED OPERATION WITHOUT MAJOR
INVESTMENTS IS NO LONGER FEASIBLE RESULTING IN DECISION OF
BANKRUPTCY FILING
    * SAYS TRICKED'S OWNERS AND BOARD OF DIRECTORS HAVE
THEREFORE
DECLARED COMPANY IN BANKRUPTCY
    * DECISION WILL HAVE A MATERIAL IMPACT ON RIGHTBRIDGE'S AND
GROUP'S FINANCIAL RESULTS DURING Q2 OF YEAR
    * BOARD, MANAGEMENT AND SHAREHOLDERS HAVE DECIDED NO FURTHER
SUPPORT COMPANY FINANCIALLY FOR CONTINUED OPERATIONS
    * ESTIMATED IMPAIRMENT LOSS IN BALANCE SHEET IS
NON-RECURRING AND
LINKED TO WHEN COMPANY WAS ACQUIRED
    * THIS WILL IMPROVE GROUP'S LIQUIDITY AND EARNINGS
    * RIGHTBRIDGE VENTURES - IT WILL  AFFECT A DECREASE IN SALES
ATTRIBUTABLE TO CO'S OPERATIONS AND AT SAME TIME A SIGNIFICANT
COST REDUCTION FOR GROUP
    * SAYS RIGHTBRIDGE IS LARGEST CREDITOR OF COMPANY AND WILL
NOW
REVIEW VARIOUS ALTERNATIVES WITH FUTURE MANAGER
    * CONTINUE TO WORK WITH TRICKED AND WILL RETURN WITH FURTHER
INFORMATION
    * RIGHTBRIDGE VENTURES - PROBLEM IS ISOLATED TO THIS
SUBSIDIARY
AND THAT OTHER BUSINESSES CONTINUE TO DEVELOP IN LINE WITH
EXPECTATIONS

Source text for Eikon:  ID:nWkr9PdMZS 
Further company coverage:  RIGHTB.ST 

 ((Reuters.Briefs@thomsonreuters.com;))