1st Jun 2016 16:56
LONDON (Alliance News) - AFI Development PLC on Wednesday said it has agreed in principle with VTB Bank PJSC the documentation of the transaction in respect of circa USD614 million of loans owed to the bank as outlined on May 26.
The parties aim to complete the transaction by the previously specified June 10 deadline.
"In the event that the transaction is not completed by June 10, 2016 and the bank exercises it rights under the loan facility agreements, it is highly probable that there would be a material adverse effect on the group's operations and on the value of the company's shares," AFI Development said in a statement.
Shares in AFI Development closed at USD0.09 on Wednesday, untraded.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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