STOCKHOLM, Sweden, Dec 14, 2016 /PRNewswire/ --
Eniro AB (publ) – listed on Nasdaq Stockholm – has today reached an agreement with its lenders, a syndicate of six banks, which means deferment of principal payments on the company's bank loans and the key ratio covenants of the loans. During the period of this stand still agreement Eniro will negotiate about the company's loan agreement and capital structure. The stand still agreement is in effect until the end of February 2017.
– If a reorganization of the capital structure can be achieved, we see good conditions for Eniro. During the autum the executive management has, together with the Board of directors, established a new Business Plan where the outlook for the long term profitability is improved, says Björn Björnsson, Chairman of the Board at Eniro.
Already in Eniro's interim report (Oct 28, 2016) for the third quarter, the company stated:
"Eniro's board of directors is of the opinion that Eniro will not be able to fulfill all of the key ratio covenants of its loan agreements at year-end 2016. In addition, the Board believes that Eniro will not be able to meet the loan amortization payments that are required under the terms of its current loans by the second quarter 2017. The Board has initiated negotiations with Eniro's creditors to adapt the company's loan terms and other capital structure to the new business model and the company's long-term ability to repay."
For more information, please contact:
Chairman of the Eniro Board of Directors,
Tel no: +46 70 399 80 16
This information is information that Eniro AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on December, 14 2016.
Eniro is a leading search company for individuals and businesses in the Nordic region. With quality-assured content and an unrivalled user experience Eniro inspires local discoveries and makes local communities thrive. Eniro's content is available through internet and mobile services, printed directories, directory assistance and SMS services. Each week Eniro Group's digital services have 8.1 million unique visitors who perform 14.5 million searches. Eniro Group has about 1,700 employees and operations in Sweden, Norway, Denmark, Finland and Poland. The company is listed on Nasdaq OMX Stockholm [ENRO] and headquartered in Stockholm. More on Eniro at enirogroup.com.
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