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Klonatex Group to restructure textile division
27 Mar '06
2 min read
Textile leader Klonatex Group, the subsidiary company Naoussa Spinning Mills S.A., the remaining subsidiaries of the Group's textile division and the creditor Banks National (NBG), Emporiki, Agricultural, Alpha Bank and EFG Eurobank reached an agreement for the financing of the Group's business restructuring plan and the refinancing of total bank debt of the above companies.
The agreement above sets the conditions for the Group's overall restructuring and recovery.
The restructuring of the Group's textile division, with the subsidiary Naoussa Spinning Mills S.A. being the leader under the management of Managing Director Mr Halarabos G Vatistas assumes the merger via absorption in 2006 of Fanco S.A., Rodopi Spinning Mills S.A. and Gallop SA by Naoussa Spinning Mills S.A. Furthermore, Naoussa Spinning Mills S.A. will reinforce its own capital through the issue of a convertible bond loan or/and a share capital increase via rights issue.
The above actions were approved by decision of the companies' Board of Directors on 03.17.2006 as well as of the parent company Klonatex Group of Companies S.A. The merger of the Group's companies and the capital reinforcement actions are under approval by the companies' General Meetings.
The Yarn Division of Klonatex grew by adding major spinning companies that complemented the range of its yarn product offer. The group's expansion was realized either through the establishment of new units (Maroneia SpinningMills) or the acquisition of existing ones (K. Doudos, which was merged with Naoussa Spinning Mills).
The agreement above sets the conditions for the Group's overall restructuring and recovery.
The restructuring of the Group's textile division, with the subsidiary Naoussa Spinning Mills S.A. being the leader under the management of Managing Director Mr Halarabos G Vatistas assumes the merger via absorption in 2006 of Fanco S.A., Rodopi Spinning Mills S.A. and Gallop SA by Naoussa Spinning Mills S.A. Furthermore, Naoussa Spinning Mills S.A. will reinforce its own capital through the issue of a convertible bond loan or/and a share capital increase via rights issue.
The above actions were approved by decision of the companies' Board of Directors on 03.17.2006 as well as of the parent company Klonatex Group of Companies S.A. The merger of the Group's companies and the capital reinforcement actions are under approval by the companies' General Meetings.
The Yarn Division of Klonatex grew by adding major spinning companies that complemented the range of its yarn product offer. The group's expansion was realized either through the establishment of new units (Maroneia SpinningMills) or the acquisition of existing ones (K. Doudos, which was merged with Naoussa Spinning Mills).
Klonatex Group
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