1 October 2009
International multi-disciplinary consultant, WYG Group, has announced it has made significant progress in the discussions with its lenders regarding a new financing structure.
The test date for WYG’s financial covenants has been deferred to 31 October 2009 whilst discussions continue with the Group’s lenders.
Paul Hamer, Chief Executive Officer, WYG Group, said: “We are pleased to report that we have made significant progress in the discussions with our 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.
Paul added: “We are continuing our discussions and a further announcement will be made in due course.”