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Nordic Mines reaches preliminary settlement with lenders

Thursday, 5 Jun 2014 02:00am EDT 

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. 

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22 Oct 2014