December 22, 2017 / 2:33 PM / 5 months ago

BRIEF-Banro Announces Support Agreement For Recapitalization Transaction With Key Stakeholders

Dec 22 (Reuters) - Banro Corp:

* BANRO ANNOUNCES SUPPORT AGREEMENT FOR RECAPITALIZATION TRANSACTION WITH KEY STAKEHOLDERS, COMMENCES RESTRUCTURING PROCEEDINGS & RECEIVES ORDER PERMITTING INTERIM FINANCING OF UP TO US$20 MILLION

* BANRO CORP-RECAPITALIZATION PLAN HAS EXCHANGE OF CERTAIN PARITY LIEN DEBT, WITH AMOUNTS OWING UNDER $197.5 MILLION 10.00% SECURED NOTES DUE MARCH 1,2021

* BANRO - AGREED WITH AFFILIATES OF BAIYIN & FUNDS, GRAMERCY MANAGED ACCOUNTS TO CONTINUE DEFERRING CERTAIN GOLD DELIVERIES UNDER GOLD DEALS UNTIL JUNE 30, 2019

* BANRO CORP - ALSO RECEIVED COMMITMENTS FROM BAIYIN AND GRAMERCY FOR UP TO $20 MILLION IN INTERIM FINANCING TO SUPPORT CONTINUED OPERATIONS

* BANRO - DEFERRING OF THE CERTAIN GOLD DELIVERIES ESTIMATED TO PROVIDE $30.9 MILLION OF LIQUIDITY RELIEF TO CO THROUGH MID-2019 Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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