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BRIEF-SoLocal says forced to not proceed with payment of next deadline for interest on financial debt
November 21, 2016 / 6:26 PM / a year ago

BRIEF-SoLocal says forced to not proceed with payment of next deadline for interest on financial debt

Nov 21 (Reuters) - SoLocal Group SA :

* Solocal group reaffirms its determination to achieve its financial restructuring plan

* Revised plan will be therefore, as announced, submitted to creditors at a meeting scheduled on Nov. 30, 2016

* Revised plan will be therefore, as announced, submitted to shareholders at an extraordinary general shareholders’ meeting on Dec. 15, 2016

* Revised plan will be therefore submitted in perspective of a hearing at commercial court of Nanterre scheduled on Dec. 16, 2016

* Approval of this plan remains uncertain

* Solocal Group will be forced to not proceed with payment of next deadline for interest on financial debt (due Dec. 1, 2016, for an amount of around 15 million euros ($15.9 million))

* Treasury of solocal group is reduced

* PagesJaunes (unit) may no longer be able soon to grant additional overdrafts to solocal in order to protect financial capacity, to normally continue operational activities and to meet commitments

* Payment of interests would be deferred to date of implementation of revised plan (if approved) Source text for Eikon: Further company coverage: ($1 = 0.9439 euros) (Gdynia Newsroom)

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