Atlas Mara Ltd - Sub-Saharan Africa banking investor - Enters support and override agreement with 88% of creditors with debt outstanding for the company's and ABC Holdings Ltd's financing arrangements.
Key terms of the agreement is that credits with direct facilities to Atlas Mara have agreed to forbearances concerning the maturities of their facilities until the end of September 2021, while those with ABC Holdings Ltd have agreed until the end of 2022.
Proceeds that are received by Atlas Mara from its strategic divestments will be held by global agent Wilmington Trust, and will go towards supporting the repayment of creditors.
However, the support and override agreement also requires Atlas Mara to take steps in cancelling its listing on the London Stock Exchange to reduce costs and the administrative burden.
Current stock price: USD0.43
Year-to-date change: up 59%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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