Real People advises that, as of today, 17 May 2017, it has entered into a debt standstill agreement with approximately seventy percent of its senior unsecured funders and one hundred percent of its subordinated debt funders ("the participating funders"). The participating funders agreeing to the standstill include all noteholders under the Issuer's South African Domestic Medium Term Note program. The participating funders have agreed to a debt standstill to assist the Issuer in restructuring its capital structure to resolve the capital concerns highlighted in its most recent financial results and communicated via releases over the past few months.
No interest or capital repayments will be made to the participating funders whilst the standstill agreement remains in place. Further, the participating funders have agreed not to take any enforcement action against the Issuer during the standstill period, which expires on 31 August 2017 unless further extended.
The Issuer remains in discussion with the approximately thirty percent of outstanding senior unsecured funders with whom agreement has not yet been reached. The Issuer is hopeful of reaching agreement with these funders.
17 May 2017
http://www.globenewswire.com/NewsRoom/AttachmentNg/ef287de5-2710-4693-b8b8-95a09cf18626
