Premuda asks the banks a urgent postpones of the terms of payment of the loans



The shipowning society Italian Premuda, in liquidity crisis, asks the banks creditors a delay for the terms for payment for the loans. Remembering of having they give about two years in course negotiations with the bank rank "in order to reach to an agreement of restructure of the indebtedness that involves the entire shipowning group and that it re-enters, for the Italian part, as previewed from art the 67 Bankrupt Law", and that "the agreement would make to fail the current situation of nonperformance, consequent to the suspension, by the group, of the reimbursements of the quotas vital the bank financings taken part beginning from the poor installments on June 30, 2013 and the relative quotas interests taken part beginning from the expirations of the end of December 2014", today the Italian company has explained that, "being to prolonged of the negotiations and accomplice a market of the hires of permane cargos buckets that strongly depressed, the esteem of cash flow for the group, verified from a Independent Advisor Business, evidence at the end of the July month a 2015 reduced amount of case available, than it would not assure to the group an adapted reserve of liquidity against the operating requirements and the volatility of the market".

"In such context - Premuda has announced - the group has proposed to the banks a series of agreements of standstill (pacta de petendo) not formalizing within short term, faces to create the conditions for the follow-up of the activity and with the objective to conclude it negotiate on the restructure agreement and to reach to the placing of the same one within the month of september 2015, second a precise one term sheet".

Moreover the company has emphasized that today the board of directors of the company has considered that, "in absence of the formalizzazione of the agreements of standstill, cannot be given execution to a series of important operations of contained dismissioni of asset in the proposed plan to the banks, that they would allow to exceed the current crisis of liquidity for the entire group". Premuda has specified that the Board of Directors "has deliberated moreover to hold open own work in order to follow the evolution of the negotiations in course and to assume every consequent decision timely, also in sight of the next assembly of the shareholders summoned for 30 days 29 and june 2015 respective in before and second convocation. Such assembly, in fact - it has specified the company - is called to approve of project budgetary 2014 in relation to which, in absence of it stipulates of the agreements of standstill, appear today ulteriorly and meaningfully increased the uncertainties on the existence of the foundation of the business continuity already brought back in the appropriate paragraph "Appraisal on the business continuity"".