Notification on the progress of fulfilment of milestones of the Restructuring and Standstill Agreement
Pursuant to the provisions of the Financial Instruments Market Act (ZTFI) and the Rules and Regulations of the Ljubljana Stock Exchange, d.d., Pivovarna Laško, d.d., Trubarjeva 28, 3270 Laško, hereby makes the following announcement:
In late April 2014, Pivovarna Laško, d.d., Pivovarna Union, d.d., and Radenska, d.d., Radenci (the Laško Group) signed with all 18 creditor banks a Restructuring and Standstill Agreement (the Agreement). The Agreement specifies important financial restructuring milestones and extends the final maturity of most of the loans until the end of 2016.
In June 2014, Laško Group successfully attained the first deleveraging milestone, by divesting its stake in Mercator, d.d.
The second milestone of repaying the loans by divesting non-core assets was partly attained in July 2014 with the divestment of Birra Peja. Since the second milestone has not been fully attained by the end of 2014, Laško Group requested from the creditor banks to waive their right to terminate the Agreement and to extend the deadline for repayment of loans by divesting non-core assets until June 30, 2015.
Since a sufficient number of banks waived their right to terminate the Agreement on the grounds of nonfulfilment of the second milestone and provided their consent to extend the deadline by June 30, 2015, the Agreement remains in effect.
Laško, December 30, 2014