Func Food Group Oyj – Signing of Term Sheet

Reference is made to previous press releases on May 9th and June 27th regarding voluntary restructuring and the subsequent confirmation of non-action on behalf of the majority of the bondholders due to the maturity and non-payment of the bonds.

The Company, a group representing beneficial holders of in aggregate approximately 65% (the ”Bondholder Committee”) of the Company’s outstanding EUR 38,000,000 senior secured callable bond loan and the Company’s majority shareholder Sentica Partners have agreed on a term sheet for a voluntary restructuring of the Company and the Bond under which the shares in the Company and the Bond will be purchased by a contemplated buyer. The Restructuring would recapitalise the Company’s balance sheet to stabilise production and take advantage of its growing market appeal.

The parties expect to enter into definitive and binding agreements shortly and to close the transaction in September. 

For further information, please contact:

Robin Lybeck, CEO, Func Food Group Oyj
Telephone: +358 40 735 2464
Email: robin.lybeck@funcfood.com

Jani Partanen, CFO, Func Food Group Oyj
Telephone: +358 40 518 3076
Email: jani.partanen@funcfood.com