Nordic Mines publ AB: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Nordic Mines reaches preliminary settlement with lenders
Nordic Mines publ AB:Agrees upon a preliminary settlement with the company's lenders regarding the principal conditions including, inter alia, write-downs of existing claims.The settlement aims to, along with the ongoing rights issue in Nordic Mines and the targeted settlement with suppliers, restart the Laiva operations and finalize the ongoing corporate reorganizations in Sweden and Finland.The settlement with creditors implies write down of debt from 45.1 mln euros (about 406 mln Swedish crowns) to 12.5 mln euros (about 113 mln crowns).The settlement also implies one-off cost of 2.5 mln euros (about 23 mln crowns) to pay accrued interest and other costs related to current debt to be paid in two installments.The settlement also implies issue of warrants in Nordic Mines directed to the company's creditors.The new shares that can be subscribed by exercising the warrants, through a set-of issue of existing claims, should after the rights issue be equal to the higher value of 12 pct of outstanding shares or 2.5 mln euros (about 23 mln crowns).The remaining debt of 12.5 mln euros (about 113 mln crowns) will have a maturity of five years.The application period for the rights issue of at least 150 mln crowns is extended until July 11, but may be extended further.The company estimates that approximately 150 million crowns is needed to restart the Laiva operations.
Latest Developments for Nordic Mines publ AB
- Nordic Mines publ AB will have a new issue subscribed to about 152 million Swedish crowns
- Nordic Mines says Finnish court has adopted composition plan proposal
- Nordic Mines publ AB informs on ongoing corporate reorganization procedures in Sweden and Finland
- Nordic Mines presents a preliminary financing solution and resolves on terms for share issues
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