The transfer of its assets was approved at today’s extraordinary general meeting of shareholders Frigoglass and was outvoted by the shareholders n agreement restructuring and recapitalization of the group.

According to what the Chairman of the Board of Frigoglass, Charalambos David, pointed out, the qualified solution for the restructuring and recapitalization of the group with transfer of its assets into a bondholder-controlled company was the most viable.

Mr. David, addressing the shareholders, referred to the circumstances that did not allow the company to recover. Focus on pandemic and her war Ukrainian which posed new challenges to the group.

It is noted that Frigoglass had announced the reaching of an agreement with the committee consisting of holders of senior secured bonds amounting to 260 million euros due in 2025, which constitute the 57.9% of the total capital of the bonds due 2025, with the support of the main indirect shareholder, Truad Verwaltungs, regarding the consensual restructuring and recapitalization of the group of companies currently controlled by Frigoglass.

As it has been announced, parties connected to the bondholders’ committee have expressed their commitment to ensure the operational continuity of the group by providing liquidity in the amount of 55 million euros, through the coverage of the interim bonds. This liquidity has been used by the group, among other things, to support working capital needs as well as cover capital expenditure, including the reconstruction of the production facility in Romania.

The bondholders’ committee initiates the implementation of the transaction through the enforcement process of the pledge on the shares of Frigoinvest Holdings BV, which is expected to be completed by April 13, 2023. On the implementation date, the ownership of the shares of FHBV (and its subsidiaries ) will be transferred to a corporate structure in which bondholders will indirectly own 85% of the capital (“New DebtCo”). FHBV and the group will be controlled by New DebtCo.

On the implementation date and thereafter, Frigoglass will transfer to FHBV and/or its subsidiaries substantially all of its assets and liabilities in exchange for a 15% interest in the capital of New DebtCo and the receipt of a series of guarantees to support solvency her in the future.

After the implementation of the transaction and the transfer of assets and liabilities, the activities of Frigoglass will be limited to those of the holding company regarding its 15% participation in New DebtCo and by extension the restructured group.