Mriya Agro Public : Holding Replenishes Working Capital by $18 Million of bridge financing

MRIYA Agro Holding has secured working capital financing of $27 million, of which $9m is to refinance the remaining 2015 Working Capital financing. The funds have been provided by the Company's current creditors as a bridge loan, i.e. temporary financing to cover MRIYA's working capital needs until the harvesting campaign.

"We still expect to secure up to $50 million in 2016, and the respective working capital offer we received in March is still outstanding. However, as an agreement regarding debt restructuring has yet to be concluded, a number of our bondholders decided to provide a temporary loan, which would allow MRIYA to continue normal operations until the terms of restructuring are agreed," commented Ton Huls, Chief Financial Officer of MRIYA Agro Holding.

As a reminder, in March 2016 MRIYA received a working capital offer of $50 million from a consortium of existing bondholders. This credit is conditional on successful approval of the debt restructuring agreement by an important majority of the creditors, including bondholders and banks.