RE: FJET Excellent RNS5 May 2020 15:16
As announced on 12 March 2020, with delays to the Disposal the Company had engaged with its main creditors, following which several creditors had agreed to defer due dates for repayments and/or have agreed to settlement discounts to current carrying values of their liabilities (the "Creditor Discounts"). The Creditor Discounts have reduced the Company's total liabilities by US$0.6 million to date.
Management remains in discussions with certain creditors and has identified additional discounts of between US$1.0 million and US$3.0 million (the "Additional Creditor Discounts), which would require additional capital for these to be realised. Such Additional Creditor Discounts would relieve significant pressure on the Company's current balance sheet obligations in the future