ACCESS Newswire
12 Apr 2021, 16:35 GMT+10
Key Highlights
TORTOLA, BRITISH VIRGIN ISLANDS / ACCESSWIRE / April 12, 2021 / Further Details
Atlas Mara Limited ('Atlas Mara' or the 'Company' and, including its subsidiaries, the 'Group'), the sub-Saharan African financial services group, hereby provides an update on progress made and developments in its discussions with bilateral lenders and certain principal holders of the Group's convertible bonds due 31 December 2020.
Following its announcements of 29 December 2020, 17 February 2021 and 1 April 2021, the Company continues to progress constructive discussions with all of the creditors who entered into the Standstill Agreement in order to finalise and execute legally binding agreements with respect to a restructuring of the Company's and ABCH's balance sheets.
As previously announced, all creditors of the Company who entered into the Standstill Agreement have substantially agreed commercial terms for the debt restructuring and the Company and ABCH continue to have constructive discussions with the ABCH creditors who entered into the Standstill Agreement. The Company expects to issue a further announcement in due course once the commercial terms have been agreed with the core group of ABCH's creditors.
While the Company and ABCH have attempted to engage with those creditors who have not signed up to the Standstill Agreement, the Company announces that it has been informed by ABCH that one of ABCH's creditors, Norsad Finance Limited ('Norsad'), served a petition with the High Court of the Republic of Botswana in Lobatse seeking to place ABCH under provisional liquidation (the 'Petition'). The amount of outstanding debt related to Norsad is $10 million plus accrued interest, as compared to the approximately 90% of the Company's and ABCH's bilateral facility creditors and over 60% of the Company's convertible bondholders who have entered into the Standstill Agreement.
Norsad has not been a party to the Standstill Agreement, and therefore has not had access to certain confidential information available to participating creditors that the Company and ABCH believe confirms that this action is detrimental to Norsad's position. The Company and ABCH have strongly encouraged Norsad to engage constructively to avoid unnecessary value destruction to their own position and those of other creditors. The Company and ABCH will continue to seek to engage in discussions with Norsad to find a mutually acceptable resolution.
In parallel, ABCH and its legal counsel are considering the options available to ABCH and intend to robustly contest the Petition, if required. The participating creditors to the Standstill Agreement have been made aware of the Petition and remain supportive of the Company and ABCH while options are evaluated and discussions continue in order to work towards a comprehensive solution with the objective of maximising value for creditors and other stakeholders.
These actions pertain only to ABCH and do not impact the subsidiary banks, which operations continue in the ordinary course. The Company will update the market with any further material developments on the Norsad and TLG applications, the restructuring process and ongoing divestitures.
Contact Details:
Investors
Kojo Dufu, +1 212 883 4330
Media
Apella Advisors, +44(0) 7818 036 579
Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial institution listed on the London Stock Exchange. Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, deliver excellent customer service and accelerate financial inclusion. For more information, visit www.atlasmara.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: Atlas Mara
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