TV-Loonland has announced the implementation of the restructuring agreement signed with the banking syndicate in August 2007, leaving the company with a new, reduced debt of EUR 5 million.
In accordance with the restructuring agreement, which was approved by the shareholders on Nov. 2, 2007, the original loan worth EUR 20 million has been reduced by 15 million, both by means of cash repayment and a debt-to-equity swap.
Out of the successfully placed convertible bond issue in December 2007, TV-Loonland raised funds in the amount of EUR 2,019,504, whereof EUR 1 million was used for loan repayment.
Further, the capital of the company has been increased by a contribution in kind (debt-to-equity swap) based on the authorized capital and underwritten by the banking syndicate. The object of the contribution was the conversion of part of the loan facility in the amount of EUR 14 million and EUR 1.8 million accrued interest, into a 10% shareholding in the company's new capital.
With the ongoing discussions for the sale of its stake in Metrodome Group plc., TV-Loonland aims at being able to fully repay the remaining loan within the first half of 2008.
Rick DeMott
Animation World Network
Creator of Rick's Flicks Picks
