Klakki

Skipti: Creditors approve Skipti hf. debt restructuring plan

30.04 2013

According to a press release from Skipti hf., dated 2 April 2013, a proposal had been made to restructure the company’s debt. The main points of the proposal were as follows:

First, Skipti hf. will repay each and every creditor (according to the creditor register as of 16:30 hrs. on 27 March 2013) ISK 2,000,000 in cash, which will be used to reduce the principal amount of the claim in question.

Second, all claims according to bonds listed on the exchange under the identity code SIMI 06 01 will be converted to or exchanged for shares in Skipti hf.

Third, all claims held by Arion Bank hf. that are not part of the company’s current priority loan will be converted to or exchanged for shares in Skipti hf.

Fourth, the proposal entails that the company’s priority loan will be fully refinanced with, on the one hand, a loan from Arion Bank hf. in the amount of ISK 19 bn and, on the other hand, a bond issue in the amount of ISK 8 bn, or other financing. It is assumed that the above-mentioned borrowings will be secured with a first-priority lien on the principal assets of Skipti hf. and its subsidiaries.

The main condition in the company’s debt restructuring proposal is that Arion Bank hf. and all owners of the SIMI 06 01 bond become parties to the restructuring agreement no later than 30 April 2013.

Following positive consultation with Arion Bank hf. and the owners of the SIMI 06 01 bond, it is hereby announced that these parties have agreed to become parties to the debt restructuring agreement. A commitment has been obtained for the refinancing of the company’s priority loan.

Steinn Logi Björnsson, Skipti CEO: “This agreement represents a major milestone in the restructuring of Skipti hf.’s finances, and the company now has two months to finalise all of the matters pertaining to it.  As a result of these negotiations, Skipti hf. can look optimistically to the future and continue actively developing its telecom infrastructure and systems.”

Back

Older announcements