JITBV has announced that it has entered into a Restructuring Support Agreement (RSA) formalizing the terms for restructuring the Notes that will strengthen the Company’s overall financial position and enable the Company to focus on growth.
JITBV and an ad-hoc group of Holders of certain Original Notes, together with their respective advisors, have been engaged in constructive dialogues towards a restructuring of its indebtedness on the Original Notes over the past few months.
The Restructuring also involves providing the Company with certain amounts of new capital to tide over working capital requirements, remedy certain covenants with its secured lenders, refinance debt obligations and well as cash tender for the Original Notes.
In the interests of all parties involved in the Original Notes, JITBV strongly encourages holders of the Original Notes to consider and enter the RSA.
The US$30 million New First Lien Facility shall benefit from a first lien security over certain assets and share pledge of some of the entities within the Group. The New First Lien Facility will be underwritten and backstopped by the members of the Ad-hoc group of Holders of certain Original Notes for an amount of USS$27.5 million.