TV-Loonland has carried out the restructuring agreement originally signed with a banking syndicate last August, reducing its debt to five million Euros.
In accordance with the plan - which was approved by shareholders on November 2nd 2007 - the original loan worth 20 million Euros has been reduced by 15 million Euros, by means of cash repayment and a debt equity swap.
Out of the successfully placed convertible bond issue in December 2007, TV-Loonland raised funds just over two million Euros, of which one million Euros was used for loan repayment.
Further, the capital of the company has been increased by a contribution in kind (debt to equity swap) based on the authorised capital and underwritten by the banking syndicate. The object of contribution in kind was the conversion of part of the loan facility for the amount of 14 million Euros and 1.8 million Euros accrued interest, into a ten per cent shareholding in the company's new capital.
With the ongoing discussions for the sale of its stake in Metrodome - as well as further measures to be taken - TV-Loonland is aiming to be able to fully repay the remaining loan within the first half of 2008.