Ymagis Announces Standstill Agreement with Euro PP Bondholders
Trading on Ymagis stock resumes Wednesday 27 February 2019
Ymagis Group (FR0011471291, MAGIS, PEA-PME, TECH 40), the European specialist in digital technologies for the film industry, announces the finalization of a standstill agreement with its bondholders in order to renegotiate the repayment conditions of its Euro PP bonds.
The raising of a new Euro PP-type loan initiated in Q4 2018 having not come to fruition, Ymagis confirms the Group has not repaid the first, €21.1m tranche of its financial debt due 23 February 2019. In these conditions, Ymagis has reached an agreement with the holders of its Euro PP bond issued in 2015 to momentarily suspend various terms of the bond contracts through 27 March 2019, including the repayment of the capital and 90% of the annual interest due during this period.
Ymagis allows itself the necessary time to discuss with its financial partners of certain measures that will be taken to allow the repayment of its current finance scheme in line with forecast revenues and needs related to the company’s development. In this context, Ymagis has hired the Degroof Petercam bank to assist the Group in securing financing solutions in line with its business growth strategy, as the long-awaited replacement market of first-generation projection systems for cinema exhibitors is expected to begin, and its new virtual reality-related business activities have been successfully launched.
Trading on Ymagis stock, which has been suspended since 13 February 2019, will resume 27 February 2019.
Financial Calendar: 29 March 2019 - Full-Year 2018 Earnings