September 6, 2018 / 10:49 AM / 13 days ago

BRIEF-Gino Rossi Updates On Simple CP Sale Negotiations

Sept 6 (Reuters) - GINO ROSSI SA:

* SAYS NEITHER MISS CLASS SP. Z O.O., UNIT OF MONNARI TRADE ​, WITHDREW DEBT ENFORCEMENT PROCEEDINGS, NOR MONNARI TRADE​ SUBMITTED A DECLARATION WITHIN REQUIRED TIMELINE BY BANK PKO BP (BANK)

* GINO ROSSI SAID ON WEDNESDAY THAT MISS CLASS BEGAN DEBT ENFORCEMENT PROCEEDINGS IN THE AMOUNT OF 6 MILLION ZLOTYS AGAINST SIMPLE CREATIVE PRODUCTS (SIMPLE CP) WITHOUT WAITING FOR THE BANK’S FINAL DECISION DUE ON SEPT. 7 REGARDING THE CONDITIONS OF SIMPLE CP FINANCING AFTER ITS SALE TO MONNARI TRADE​

* THE ENFORCEMENT PROCEEDINGS REGARD SETTLEMENTS RESULTING FROM THE AGREEMENT OF CLOTHING AND ACCESSORIES PURCHASE UNDER WHICH MISS CLASS ACQUIRED THE COLLECTION

* GINO ROSSI SAYS THE BANK SAID THAT THE DEBT ENFORCEMENT PROCEEDINGS “SIGNIFICANTLY” RESTRICT THE FINALISATION OF THE TRANSACTION

* SAYS THE BANK ALSO SAID THAT IF THE DEBT ENFORCEMENT PROCEEDINGS IS NOT WITHDRAWN BY SEPT. 6 UNTIL 0700 GMT, THE MOTION REGARDING THE CONDITIONS AND FINANCING OF THE TRANSACTION WILL NOT BE PROCEEDED

* SAYS THE BANK ALSO DEMANDED THAT MONNARI TRADE DECLARES THAT UNTIL THE END OF THE NEGOTIATIONS IT DOES NOT BEGIN DEBT ENFORCEMENT PROCEEDINGS

* SAYS THE LACK OF SUCH STATEMENT WOULD BE TREATED BY THE BANK AS A WITHDRAWAL FROM THE SALE PROCESS AND FURTHER TALKS REGARDING FINANCING OF SIMPLE CP

* IN AUGUST GINO ROSSI SAID IT WANTED TO SIGN THE SIMPLE CP SALE AGREEMENT BY AUG. 10 AND THAT THE FINAL CONDITION TO CARRY OUT THE TRANSACTION WAS TO AGREE WITH THE BANK CONDITIONS OF SIMPLE CP FINANCING AFTER THE TRANSACTION

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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