Home / Knowledge / News / Textiles / Improved financing conditions for Gamma Holding
Improved financing conditions for Gamma Holding
15
Jul '09
Gamma Holding has reached an agreement in principle with the existing syndicate of banks on changes to the previously agreed financing arrangements up to March 2010. The changes represent improved conditions for the Group.

In the new improved agreement the financial covenants have been eased and account has been taken of the difficult market conditions with which Gamma Holding has to contend. Moreover, an extension of the financing until June 2011 is possible. This gives the company time to put into effect its programme of cost savings, divestments and restructurings. One of the conditions for this extension is the granting of a conversion right to the syndicate of banks.

This right permits the banks to convert a portion of the loan facilities amounting to EUR 30 million into newly issued cumulative preference shares. The dividend on the cumulative preference shares is 12% of the amount paid on those shares. In this way the syndicate of banks can jointly obtain at least 50.1% of the voting rights in Gamma Holding's increased issued share capital. The banks can only exercise this option if (i) the available credit under the new credit agreements is less than EUR 5 million, or (ii) the EBITDA in relation to the net debt is greater than 7.5.

The granting of the conversion right and the amendment of Gamma Holding's articles of association which this necessitates have to be approved by the shareholders. To this end, an Extraordinary General Meeting of Shareholders has been convened at Gamma Holding, at the address Panovenweg 12, Helmond, on Thursday 30 July 2009 at 11.00 hrs.

The full agenda for this meeting, with explanatory notes and the related documents, including a motion to amend the articles of association, are available for inspection at the company and at ABN AMRO Bank N.V., acting under the name RBS, Gustav Mahlerlaan 10, 1082 PP Amsterdam, and are also available on Gamma Holding's website.

Gamma Holding N.V.


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Lenzing

Textiles | On 25th Jun 2018

Lenzing launches Veocel nonwoven speciality brand

Leading fibre company, the Lenzing Group has unveiled Veocel, the new ...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search