Agreement reached on Frigoglass restructuring, recapitalization

Frigoglass on Monday announced it has reached a compromise agreement with a bondholders' commission on the restructuring and recapitalization of the group.

The company reached an agreement with bondholders of secured bonds worth 260 million euros maturing in 2025 - accounting for 57.9% of total bond issuance, with the support of the basic indirect shareholder, Truad Verwaltungs, on a consensus restructuring and recapitalization of the group of companies currently controlled by Frigoglass.

Parts related to the bondholders commission have pledged to offer liquidity of €55 million to safeguard the smooth operation of the group.

This liquidity has been used by the group to cover moving capital needs and other capital spending needs, including the reconstruction of a production unit in Romania.