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Chargeurs lenders agree to restructure €80 million credit facilities
By Angela McDaniels
Tacoma, Wash., Dec. 31 - Chargeurs SA has reached an agreement with its lenders to restructure more than €80 million of short- and medium-term credit facilities, according to a company news release.
The borrowers under the facilities are the company's interlining and protective films businesses.
The company said that under the proposed restructuring, the unconfirmed facilities would be combined into a single facility for a period of two years, and a two-year payment moratorium would be granted on the medium-term facilities effective in January, with payment due from the third to the fifth years.
The restructuring is conditioned on the company raising at least €22 million through a rights issue during the first half of 2010. Shareholders will vote on the proposed rights issue at a special meeting on Feb. 8.
The company said the credit facilities would be subject to the usual clauses, including an acceleration clause the would apply if Chargeurs were to pay a dividends in the two years following the signing of the restructuring agreement.
The master agreement will be signed no later than Jan. 7, and the detailed restructuring agreements will be signed no later than Jan. 30, according to the release.
Chargeurs said the global economic and industrial crisis and exceptional restructuring costs incurred by the group in response to the situation caused results to deteriorate and the group expects to end 2009 with a loss of €48 million. It recorded a loss of €59.8 million in 2008.
Chargeurs is a Paris-based an investment fund that invests in manufacturing and services companies.
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