Insider Economy Leptos Group to undergo new loan restructuring

Leptos Group to undergo new loan restructuring

Leptos Group – one of Cyprus’ biggest developers – has reached an agreement in principle with one of its lenders to restructure part of a large loan.

The agreement, as recorded in the six-month results of Pandora Investments Public Ltd, concerns arrangements that also include “the repayment of a significant part of the Group’s liabilities through the transfer of property to the financier”.

Pandora Investments’ overall lending to Leptos Group by end of June amounted to €276.5 million, of which €12 million concerned bank overdrafts, €26 million short-term bank lending, €74 million non-current assets and €115 million convertible securities of a subsidiary.

When Bank of Cyprus restructured Leptos Group’s non-performing loans back in 2016, a Pandora subsidiary had issued for the benefit of the lender convertible equity securities with a nominal value of €100 million euros in exchange for the Group’s subsidiaries being exempt from the corresponding debt.

The major restructuring at the time was finalised on December 22, 2015 when Leptos Group (ie Armonia Estates Limited, Pandora Investments Public Limited (“Pandora”), Leptos Calypso Hotels Public Limited and their subsidiaries) entered into a Restructuring Implementation Agreement Agreement –‘RIA’) with the Bank.

The RIA’s provisions came into effect on March 29, 2016 after specific set conditions had been met. According to the RIA, Neapolis Developments Holdings Limited (“NDH”) which owned 100% of Neapolis Developments Holdings Limited (“NDH”) issued convertible debt securities amounting to €100 million in favour of the Bank in exchange for Neapolis Developing Limited’s loan of €100 million which resulted in a profit of €568,960.

The convertible securities were divided into €50,000,000 8.5% non-guaranteed convertible A (‘Original A Notes’) and €50,000,000 8.5% non-guaranteed convertible B (‘Original B Notes’).

 

Read more:

https://in-cyprus.com/invest-cyprus-in-campaign-in-three-southeast-asian-countries/

Top Stories

Pandemic at highly critical phase in Cyprus, new appeal launched-12 cases today

  Twelve new cases of covid-19 were announced today out of three thousand 147 tests, taking confirmed infections to 1,755. The break down of new patients...

Animal abuse legislation to get tougher, with a 10 thousand fine for a first offence

  MPs are working through a tougher bill against animal abusers, including raising fines as a deterrent, just a couple of weeks following a horrendous...

No spectators at tomorrow’s Independence Day Parade

  Tomorrow's Independence Day military parade will be held without spectators due to Covid pandemic restrictions, with just officials and foreign dignitaries attending. The parade, on...

Spain in solidarity with Cyprus over Turkish violations

  Spain expressed its solidarity with Cyprus in the Eastern Mediterranean, with foreign minister Arantha Gonzales Layia noting her country's opposition to any unilateral action,...

Services not covered by GeSY and offered under it to incur fines

The Health Insurance Organisation (HIO) reminds all health care providers as well as General Healthcare System (GeSY) beneficiaries that the system does not cover...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...