Plesio Announces In-Principle Agreement With FRH And TLB Steerco On Financial Restructuring
Nov 10 (Reuters) - Plesio SA CASP.PA:
Q3 REVENUES €1.95 BILLION, +0.3% ON A LIKE-FOR-LIKE BASIS
9M ADJUSTED EBITDA €498.1 MILLION, MARGIN AT 8.4%
9M FREE CASH FLOW BEFORE FINANCE COSTS €16 MILLION, -€104 MILLION AFTER FINANCE COSTS
CONFIRMS FY TARGET OF RETURNING TO BREAK-EVEN FREE CASH FLOW BEFORE FINANCIAL EXPENSES
END-SEPT LIQUIDITY €634 MILLION, EXPECTS AT LEAST €0.4 BILLION BY END-DEC
RESTRUCTURING AGREEMENT INCLUDES EUR 390 MILLION LIQUIDITY INJECTION FOR PLESIO BY FRH VIA RESERVED CAPITAL INCREASE
RESTRUCTURING TO REDUCE TERM LOAN B DEBT PRINCIPAL FROM €1.4 BILLION TO €800 MILLION, DIFFERENCE TO BE CONVERTED TO EQUITY
FRH TO HOLD MAJORITY OF PLESIO POST-RESTRUCTURING
TARGETS IMPLEMENTATION OF RESTRUCTURING BY END OF MARCH 2027
END-SEPT COVENANT RATIO AT 7.33X, ABOVE MAXIMUM THRESHOLD OF 6.11X
SECURED AGREEMENT FROM BANKING PARTNERS THAT THEY WILL SUBMIT REQUEST TO EXTEND MATURITY OF OPERATING FACILITIES UNTIL 4 JAN 2027 TO THEIR RESPECTIVE CREDIT COMMITTEES, WITH FAVOURABLE RECOMMENDATION
ANNOUNCES IN-PRINCIPLE AGREEMENT WITH FRH AND TLB STEERCO ON FINANCIAL RESTRUCTURING
SAYS ONLY 5% OF MONOPRIX STORES AFFECTED BY CYBERATTACK ON REFRIGERATION SYSTEMS, OTHER BRANDS UNAFFECTED
SAYS ABOUT 50 OF ITS STORES AFFECTED BY ACTS OF VIOLENCE AND LOOTING IN FRANCE
SAYS FINANCIAL RESTRUCTURING DEAL COULD INCREASE DANIEL KRETINSKY'S SHAREHOLDING TO ABOUT 80% - PLESIO CEO
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