HELSINKI – Beleagured PWB maker Aspocomp has entered into a debt restructuring agreement with its Finnish bank creditors, the company reports.

According to the agreement, installments of Aspocomp's loans will be postponed. They will now begin this year and end on the year of the execution of the sale and purchase options related to the transactions, and will be concentrated for the last year of the period.
 
The agreement will become effective provided the transactions entered into with Meadville Holdings Ltd. are completed.
 
Once the agreement becomes effective, an annual interest of 2.5% will incur on the loans and will be added to the capital and paid on the year of the execution of the sale and purchase options, at the earliest in 2013.
 
Furthermore, it was agreed that the merger of Aspocomp Oy into its parent company Aspocomp Group Plc, commenced May 10, can be carried out.
 
After the transactions and the agreed repayment of loans, the aggregate nominal amount of interest-bearing debt of Aspocomp Group will amount to approximately 51 million euros, of which Finnish debts will make up approximately 35 million euros.
 
The transactions and debt restructuring will not have a significant overall effect on the amount of the group's equity, the company says.
 
Aspocomp Group’s estimated 2008 sales are approximately 40 million euros.
 

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