January 17, 2020 / 3:28 PM / a month ago

BRIEF-Deoleo Shareholders Meeting Approves Its Debt Restructuring Plan

Jan 17 (Reuters) - Deoleo SA:

* SAYS EXTRAORDINARY SHAREHOLDERS MEETING APPROVES CAPITAL REDUCTION TO ZERO EUROS THROUGH CREDIT COMPENSATION

* APPROVES SIMULTANEOUS CAPITAL INCREASE OF 50 MILLION EUROS WITH RIGHT TO PREFERRED SUBSCRIPTION FOR SHAREHOLDERS

* MAJORITY SHAREHOLDER CVC CAPITAL PARTNERS COMMITS TO SUBSCRIBE UP TO 40 MILLION EUROS OF CAPITAL INCREASE

* CREDITOR FINANCIAL INSTITUTIONS WILL ASSUME 49% OF DEOLEO, AFTER A CAPITALIZATION OF UP TO 283 MILLION EUROS

* CAPITALIZATION BY CREDITORS WILL REDUCE THE GROSS SYNDICATED DEBT OF THE GROUP, FROM THE CURRENT 575 MILLION EUROS, TO AROUND 240 MILLION EUROS

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