The DIA Group has agreed with the majority of its creditors to extend the deadline for fulfilling or waiving the suspensive conditions linked to the refinancing agreement until next Friday, July 19th.
The distribution company had July 15th as the deadline to meet the established conditions. " The company and the syndicated creditors are working towards fulfilling the suspensive conditions, which it expects to occur by July 19, 2019 ," said the company controlled by LetterOne.
Similarly, the DIA Group guarantees that it will inform the market of the fulfillment or waiver of the suspensive conditions as soon as this occurs.
On June 25th, the distribution chain reached a long-term agreement with its creditors to refinance its debt, guaranteeing access to €771 million in liquidity and the option of an additional €100 million.
The agreement stipulates that this money can be used over the next four years to ensure the continuity of the business and its repositioning to be competitive in the long term. Furthermore, the main shareholder, LetterOne, has already injected €500 million with immediate availability.
DIA also agreed with creditor banks on an additional injection of 271 million euros, which will be used according to the needs of the business, and opted for another 100 million through a capital increase.
