PMR Restrukturyzacje S.A., acting as administrator of FITEN S.A. under restructuring, on 11 April 2017 concluded a tripartite agreement with the company's financing banks, i.e. ING Bank Śląski and mBank, pursuant to which both banks will provide the company with revolving credits of PLN 3 million and PLN 500 thousand under market conditions.
Credit agreements require the consent of the relevant court, but the agreement can already be called a success. According to the Company's Management Board, the signing of the agreement and contracts credit is a key event for the success of the restructuring process, and the provision of new financing by banks demonstrates the confidence of financial institutions in the restructuring activities.
Current report no. 5/2017
Legal Basis:
Article 17(1) MAR - confidential information.
In reference to the information regarding the opening restructuring proceedings against FITEN SA in restructuring (hereinafter referred to as the Issuer, Company, FITEN) as part of the process of initiating the restructuring of the Issuer under the Restructuring Law (current report 08/2016 of August 10, 2016), the Management Board of the Company hereby announces that today, i.e. on April 11, 2017, the person authorized to act by PMR Restructuring manager SA, concluded a tripartite agreement (hereinafter referred to as the Agreement) with the banks financing the Company, i.e. the bank ING Bank Śląski SA with its registered office in Katowice and mBank SA with its registered office in Warsaw (hereinafter referred to as the Banks) and signed two credit agreements: (i) a credit agreement with mBank SA for a revolving credit in the amount of PLN 3,000,000 for the period ending on 29.06.2018 and (ii) a credit agreement with ING Bank Śląski SA for a working capital credit in PLN in the form of a revolving line in the amount of PLN 500,000 for the period ending on 29.06.2018. The credit agreements were concluded on terms that do not differ from market terms for this type of agreements. In accordance with the provisions of the restructuring law, the entry into force of the provisions of the concluded credit agreements is conditional on obtaining the consent of the judge-commissioner, which FITEN intends to apply for immediately.
The subject of the Agreement is to define the principles of cooperation between the Company and the Banks, including the establishment of basic conditions for granting financing to the Company and establishing security for the Banks, with a view to enabling the Company to conduct its operational activity during the Restructuring Proceedings and the planned satisfaction of the Company's claims. Banks Receivables Company under the arrangement. The Parties to the Agreement will strive to maintain the current financing of the Company at a level not lower than approx. 70% of the level of financing on the opening day Sanation proceedings.
In the opinion of the Company's Management Board, the signing of the Agreement and the contracts credit is a key event for the success of the restructuring process. The provision of new financing by Banks cooperating with FITEN, in the Company's opinion, demonstrates the trust of financial institutions and will enable the development of the Issuer's operations.
11 April 2017:
" Concluding an agreement with the Company's financing banks
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