As outlined at the Annual General Meeting and the 2016 Annual Report, the steps in the restructuring plan include
- Renegotiation of financing terms with all key financial creditors
- Completion of merging subsidiary entities into Park Street Nordicom A/S
- Recapitalisation – involving debt conversion and capital injection
We have now received finalised term sheets for refinancing and restructuring of existing facilities into long term debt from all key financial creditors. The terms are still subject to final internal credit committee approval of the respective key creditors.
The next step in the restructuring plan is now being initiated with the merger of all ongoing subsidiary entities into Park Street Nordicom A/S. This will simplify the group structure and setup.
A merger plan and the merger statement has been signed by the board of directors and executive board of the Nordicom group companies participating in the merger.
The merger plan, merger statement and the creditor declaration will soon be published via the Danish Business Authority's online-system. These documents and the statement by the valuation expert pursuant to section 241 of the Danish Companies Act will be available on Park Street Nordicom's website www.nordicom.dk. The annual reports for the participating Park Street Nordicom group companies will be available at the companies address at Svanevej 12, 2400 Copenhagen NV.
The merger of the subsidiary entities into Park Street Nordicom A/S and the terms of restructuring are in line with the EBVAT expectations for 2017 outlined in the 2016 Annual Report.
Statement from CEO Pradeep Pattem: “The new corporate structure of Park Street Nordicom will simplify internal and external reporting and financial management processes and is a step towards creating a sustainable real estate company.”
Andrew La Trobe Pradeep Pattem
Chairman CEO
