Ignacio Silva, CEO of Deoleo featured in Expansión: “Refinancing allows us to stay in the game”
The article highlighted Deoleo’s refinancing process during this period as a “renaissance” and assured that the firm will arise from it is as a “much stronger Deoleo”.
“Refinancing allows us to stay in the game and show that the new business plan can be carried out. Deoleo has gone through crises and this will just be one more”, ensured Deoleo’s CEO Ignacio Silva.
The plan included an agreement with creditors to capitalize a large part of the debt in group shares, reducing Deoleo’s liabilities from 575 to 242 million euros. In exchange, the creditors became owners of 49% of a new firm under which all the assets of the company were located, leaving the other 51% in the hands of Deoleo SA, the enterprise that is listed on the Stock Exchange and which is controlled by the shareholders of the company.
According to the newspaper, the extension of the repayment terms that came with the restructuring “gave Deoleo a comfortable mattress to develop its strategic plan”.
The article concludes that the deal involving a capital increase of 50 million among shareholders and cut debt in half has seen positive repercussions. Deoleo aims to multiply its EBITDA by 3.5 between 2019 and 2023.
Read full article in: https://www.expansion.com/directivos/2020/08/05/5f29a52ee5fdeaa6788b45ea.html