1 Oct 2009 07:00
| For Immediate Release | 1 October 2009 |
White Young Green plc
Update on refinancing negotiations
White Young Green plc ("White Young Green" or the "Group") today provides a further update on its refinancing negotiations.
The test date for White Young Green's financial covenants has been deferred to 31 October 2009 whilst discussions continue with the Group's lenders.
The Board is pleased to report that the Group has made significant progress in the discussions with its lenders. Heads of terms regarding a new financing structure are currently at an advanced stage, though the proposals are subject to some further negotiation and final agreement between the parties. As previously announced, a restructuring on the basis of the heads of terms will result in a material dilution for existing holders of equity and the Group may not, in such circumstances, continue to satisfy the conditions for listing on the main market.
White Young Green is continuing its discussions with these parties and a further announcement will be made in due course.
Enquiries:
White Young Green 0113 278 7111
Paul Hamer, Chief Executive Officer
David Wilton, Group Finance Director
Buchanan Communications 020 7466 5000
Tim Anderson
WYG (WYG)