Company has repaid all of its remaining borrowings after Hasbro Classics and Metrodome deals.Following its recent corporate transactions for both the sale of its rights in the Hasbro Classics Library and the sale of its shareholding in Metrodome, TV-Loonland has now repaid all of its remaining bank borrowings and is debt free.
After the restructuring package agreed on at its last AGM in November 2007, the original bank debt of E20 million was reduced to E6 million, with the company's bankers also receiving a ten per cent shareholding of the firm in return.
Shortly afterwards, an initial E1 million was repaid from the proceeds of a convertible bond issue, leaving E5 million still payable.
This has now been covered by the recent deals.
The initial excess proceeds from these transactions, approximately E1 million, is now available for use by TV-Loonland, with further sums due.
"This now marks a new exciting chapter in the company's history, as for the first time in seven years the company is debt free and thus we are able to concentrate on future opportunities," said CEO Simon Flamank.