Cherry initiate written procedure to amend restructuring schedule
Cherry AB (publ) – STO: CHER-B.ST – has, as announced on 22 December 2017, initiated a process aimed at simplifying the Group’s legal structure and increasing the flexibility of outstanding bond loan.
On 22 December 2017, Cherry instructed Nordic Trustee, the agent for Cherry’s outstanding bond loan of EUR 179,877,500, with ISIN SE0008321616, to implement a written procedure aimed at inter alia adjusting the covenants of the bond, to facilitate changes in Cherry’s legal structure and to increase the company’s financial flexibility. The adjustments, which are intended to be implemented during the first quarter of 2018, will entail the Group’s legal structure to better match its operational structure. Accordingly, Cherry will, among other things, improve its administration.
Today, Cherry has instructed Nordic Trustee to initiate a written procedure aimed at extending the schedule allowing Cherry to amend the restructuring of its legal structure, until 30 September 2018.
The notice of written procedure is published on Cherry’s website, www.cherry.se and on Stamdata, www.stamdata.com.
For further information, please contact:
Anders Holmgren, CEO: +46 708 607 534, anders.holmgren@cherry.se
Christine Rankin, CFO: +46 765 399 492, christine.rankin@cherry.se
Anders Antonsson, IR & Communications: +46 709 994 970, anders.antonsson@cherry.se
This information was submitted for publication on 26 March 2018, at 3:00 p.m. CET.
CHERRY IN BRIEF
Cherry is a Swedish innovating and fast-growing gaming company established in 1963. The business strategy is to create shareholder value by owning and developing fast growing and profitable businesses within the gaming and casino industry. Today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The objective is to grow organically in combination with strategic acquisitions of fast-growing companies. Cherry employs some 1,400 people and has about 6,700 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.
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