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2009-12-30 10:22:00 CET 2010-03-02 10:28:10 CET REGLERAD INFORMATION Eignarhaldsfélagið Farice ehf. - Company AnnouncementFinancial restructuring of Eignarhaldsfélagið FariceThe revenues of Eignarhaldsfélagið Farice ehf. for the year 2009 have not met the company‘s budget, in part due to the fact that data centres and other industries using the company‘s undersea fibre optic cables to and from Iceland have not started business. This has led to the company not having been able to meet all of its debt payments. Therefore, Eignarhaldsfélagið Farice ehf. has been working on financial restructuring of the company. In relation thereto, the Company has entered into an agreement with its creditors representing approx. 98.5% of the Company's own debt, excluding debt owed to the owners of the class of bonds EFAR 09 01, which doesn‘t have any payment outstanding until 15 April 2010. The agreement with Eignarhaldsfélagið Farice ehf.‘s creditors entails that the creditors have agreed that the company does not have to pay due payments for the duration of the agreement, which terminates on 28 February 2010. This time period will be used to prepare and submit to the parties of the agreement suggestions on the company‘s financial restructuring. A similar agreement is being negotiated with Eignarhaldsfélagið Farice ehf.‘s subsidiary, Farice hf. Eignarhaldsfélagið Farice ehf. owns approx. 79,9% of Farice hf.‘s total issued share capital. The total nominal value of the EFAR 09 01 class of bonds is ISK 5,000,000,000 and those bonds have a simple guarantee from the Icelandic Treasury in accordance with Act no. 121/1997, on state guarantees, as per regulation no. 237/1998, on state guarantees, the State Guarantee Fund and the Treasury Re-lending. The total debt of Eignarhaldsfélagið Farice ehf. on consolidated basis is approx. € 113.8 million, whereof approx. € 49.2 million are due. Thereof the total debt of Farice hf. amounts to approx. € 25.8 million, whereof due payments amount to approx. € 2.8 million. No material changes, other than those described herein, have occurred or affected the future outlooks and the financial position of Eignarhaldsfélagið Farice ehf. since 30 June 2009. |
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