Farice ehf.
Financial restructuring nearing an end – equity increased by EUR 63.7 million
Eignarhaldsfélagið Farice ehf. 13.12.2010 09:37 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Eignarhaldsfélagið Farice ehf. and its subsidiary, Farice hf., in cooperation with their largest creditors and shareholders, have been working on a financial restructuring of the companies. An agreement has been reached regarding the guidelines for such a restructuring and the aim is to finalize it no later than 16 December 2010. On 10 December 2010 Eignarhaldsfélagið Farice ehf. and Farice hf. both held shareholders' meetings. On Farice hf.'s shareholders' meeting a merger with its parent company, Eignarhaldsfélagið Farice ehf., was agreed. On Eignarhaldsfélagið Farice ehf.'s shareholders' meeting the merger was also agreed with subsequent increase of share capital after the company's share capital had been reduced to adjust for accumulated losses. Furthermore, the name of the merged company was changed to Farice ehf., as well as the object of the company was sharpened. The largest shareholders in Farice ehf., the Icelandic state and Landsvirkjun (The National Power Co.), will provide the company with new share capital in Class A in the amount of EUR 11 million. Also, the company's largest unsecured creditors have agreed as part of the financial restructuring of the company, to convert those debts amounting to a total of EUR 52.7 million to share capital in Class B, which i.a. grants them priorities to payments from the company ahead of shareholders in Class A. The equity of the merged company will therefore be raised by a total of EUR 63.7 million and will post restructuring amount to a total of EUR 75.5 million. Secured creditors of Farice ehf., excluding EFAR 09 01 class of bonds which remains unchanged, have agreed to refinance the company's debt. The total debt including EFAR 09 01 class of bonds amounts to approx. EUR 56.5 million. The increase in share capital and the refinancing of the debt is subject to final documentation of the loan documents, which is anticipated to be finalized no later than 16 December 2010. News Source: NASDAQ OMX 13.12.2010 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Eignarhaldsfélagið Farice ehf. Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000019230 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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