On April 30th, 2014, in it’s annual report Agrowill Group, AB has announced that in April 2014, an agreement was reached with DnB Bank AB to merge all loans issued to agriculture subsidiaries under restructuring- into one loan agreement.
A complex of reorganization of restructuring liabilities result from combining these loans into a single loan agreement - the total amount owed to the bank –i.e LTL 33,6 million- did not increase. The new loan amount issued will be used to repay the old restructuring liabilities for which assets of restructured entities were pledged.
The new issued loan has a 5 year repayment schedule with around 40 per cent of amount (LTL 14,8 million) bulleted for year 2019.
The final new loan issue and repayment of old loans will be finalized as soon as documentary preparation (change of mortgage papers and etc.) will be over.
Taking into consideration this complex decision of reorganisation of restructuring liabilities against DNB bank, AB and also the fact that in April, 2014 parent company Agrowill Group, AB has made payment in time according to restructuring plan - 15 percent of its creditors‘ amount, the Company informs that Group’s restructuring liabilities decreased from LTL 54,6 million (as of 31st December, 2014) down to LTL 20,4 million.
The Company will continue to give maximum effort and will work as quickly as possible to complete the process of restructuring.
Vladas Bagavičius
Member of the Board
+370 5 233 5340