TV-Loonland announced that it has signed an agreement with its bankers in regards to the restructuring of the company's debt. The main elements of that package are that the 20 million euros debt due to the banks will be reduced to 6 million euros and a minimum capital increase of 2 million euros will be carried out.
Subsequently to this capital increase the 14 million euros waived by the banks will be converted into a maximum of a 10% shareholding in the company´s new capital, following a second capital increase as a debt for equity swap for this 10%.
The full details of the restructuring package will be presented to the shareholders for their approval at the forthcoming AGM, the date of which will be announced shortly. The accounts for the financial year 2006 and for both the first and second quarter of 2007 will published thereafter.
TV-Loonland is an independent, fully-integrated media-company, which develops, produces and distributes programming primarily in the children's and youth market from its key offices located in Munich, London, Paris and Miami. TV-Loonland's properties include PETTSON AND FINDUS, THE CRAMP TWINS, TRANSFORMERS, LITTLE PRINCESS and MY LITTLE PONY. For more information, visit www.loonland.com.
Rick DeMott
Animation World Network
Creator of Rick's Flicks Picks
