1st Apr 2015 16:19
LONDON (Alliance News) - Maple Energy PLC Wednesday said it wants to continue its work with the senior lenders to its ethanol companies as it looks to repay the remaining debt.
"The company intends to continue working with the ethanol senior lenders to progress the steps and actions agreed under the term sheet in order to repay the outstanding balance of the ethanol loans," Maple Energy said in a statement.
In December 2014 Maple Energy executed a term sheet with its lenders to repay the outstanding balance of the loans owned by its struggling ethanol business.
"In accordance with the Term Sheet, Fondo de Inversión en Infrastructura, Servicios Públicos y Recursos Naturales (ACC) disposed of all of its class A convertible shares and class B convertible preferred shares in The Maple Companies, Limited in exchange for a payment of USD750,000, which was funded by the senior lenders," Maple Energy said.
The final payment to ACC was made on March 17, Maple Energy said.
The company also said that the ethanol companies were told on March 27 that the trustee acting on behalf of the senior lenders had "transferred the ownership of all the fixed assets of the ethanol companies that were part of the collateral under the ethanol loans to subsidiaries of Grupo Gloria, a Peruvian group of companies, for a total consideration of USD108 million before any value added tax applicable".
"The trustee will apply the proceeds of the sale to reduce, in part, the outstanding balance of the ethanol loans," Maple Energy said.
Maple Energy's shares have been suspended since December.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
MPLE.L