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Sava dd Announces Details of Its Restructuring


Tuesday, 23 Jul 2013 08:00am EDT 

Sava dd announced that on July 23, 2013, it has finalized the process of concluding the so-called Master Restructuring Agreement with the organizer, the agent and the collateral agent of the bank consortium (NLB dd), and other lending banks. The subject of the Agreement is restructuring of current credit obligations of the Company until December 2014. Following this, the lending banks enabled Sava dd to defer payment of principal amounts under the current loans. Sava dd has undertaken to regularly pay the part of the accrued interest at the agreed interest rate, whereas the remaining part of deferred interest will fall due at the end of the contractual period. By signing the Master Restructuring Agreement, Sava dd made a commitment to consistently implement the envisaged strategy that aims at divesting its financial assets, cost reduction and business performance improvement. The restructuring of financial liabilities maturity forms a part of the Business-Financial Restructuring Strategy until the end of 2014 as adopted in September 2011. The Agreement enables Sava dd further strategic shifts towards reducing indebtedness, renewing profitability and generating long-term value for the shareholders of Sava dd . The Loan Restructuring Agreement signed with the lending banks for 5 years has recently been signed also by the subsidiary Sava Turizem dd. By signing the Agreement, Sava Turizem dd has agreed to settle the current obligation under the loan in instalments. 

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19 Dec 2014