Μ. Ι. ΜΑΪΛΛΗΣ Α.Ε.Β.Ε.
Board of Directors Approves Principal Debt Restructuring Proposal
M. J. MAILLIS S.A. announces that its Board of Directors discussed at its meeting on 16.4.2010 a letter-proposal of the Group?s creditors for the restructuring of debt liabilities of the Maillis Group totaling approximately Euro 230 million, out of total outstanding Group loans amounting to approximately Euro 250 million.
The basic points of the proposal are the following:
Capitalization of outstanding loans: For an amount of Euro 70 million with issuance of new common shares of the listed parent company to the Group?s creditors.
For the re-financing of the remaining outstanding loans:
- A syndicated loan of Euro 110 million
- A bond loan, of Euro 50 million, with capitalizable (Pay-In-Kind) rate, convertible to new common shares of the listed parent company.
New working capital line: For an amount of Euro 16 million for the financing of the Group's growth.
The Board of Directors evaluated the proposal taking into account the exceptionally unfavorable consequences of the economic crisis, the highly diverse profile of the Group's creditors, the vital need of liquidity for the smooth continuation of the Group's activities, the need for financing its growth and the interest of all existing shareholders, decided to accept the main points of the restructuring solution proposed by the creditors and to continue the negotiation process on that basis aiming the signing of an agreement that will include all restructuring issues and will be mutually acceptable to the company and all its creditors.
Provided that the debt restructuring negotiations are successfully completed, the company will notify the investing public, via a new corporate announcement, about the final agreement, the process, all necessary approvals (including approval by the company's General Meeting) and the timetable for its implementation.
About the M.J. Maillis Group
The M.J. Maillis Group is a leader in secondary packaging providing its clients globally with complete, high technology and cost effective packaging solutions (one-stop-shopping) that combine packaging equipment, packaging materials, service and support. The Group employs 1,540 people and maintains physical presence in 18 countries in Europe, North America and Asia, while its products are sold in more than 80 countries worldwide. The Group's customer base extends to the food and beverage, aluminum, steel, construction, timber and bailing industries and it is the exclusive or preferred global supplier to an increasing number of major industrial and consumer products multinationals such as US Steel, Nestle, Coca Cola, P&G, Henkel, Pepsi, Mars, Lafarge, ArcelorMittal, Corus, Wall-mart etc. The shares of the M.J. Maillis Group are listed on the Athens Exchange under the ticker symbol "MAIK".
For more information please contact:
Company Contact:
Group's Investor Relations Department
Tel. +302106285000
E-mail investor.relations@maillis.gr
Investor Relations Advisors
Capital Link
Athens - Eftychia Yiagou - Tel. +30-210-6109-800
London - Annie Evangeli - Tel. +44-203-206-1320
New York - Matthew Abenante - Tel. +1-212-661-7566
E-mail: maillis@capitallink.com
The basic points of the proposal are the following:
Capitalization of outstanding loans: For an amount of Euro 70 million with issuance of new common shares of the listed parent company to the Group?s creditors.
For the re-financing of the remaining outstanding loans:
- A syndicated loan of Euro 110 million
- A bond loan, of Euro 50 million, with capitalizable (Pay-In-Kind) rate, convertible to new common shares of the listed parent company.
New working capital line: For an amount of Euro 16 million for the financing of the Group's growth.
The Board of Directors evaluated the proposal taking into account the exceptionally unfavorable consequences of the economic crisis, the highly diverse profile of the Group's creditors, the vital need of liquidity for the smooth continuation of the Group's activities, the need for financing its growth and the interest of all existing shareholders, decided to accept the main points of the restructuring solution proposed by the creditors and to continue the negotiation process on that basis aiming the signing of an agreement that will include all restructuring issues and will be mutually acceptable to the company and all its creditors.
Provided that the debt restructuring negotiations are successfully completed, the company will notify the investing public, via a new corporate announcement, about the final agreement, the process, all necessary approvals (including approval by the company's General Meeting) and the timetable for its implementation.
About the M.J. Maillis Group
The M.J. Maillis Group is a leader in secondary packaging providing its clients globally with complete, high technology and cost effective packaging solutions (one-stop-shopping) that combine packaging equipment, packaging materials, service and support. The Group employs 1,540 people and maintains physical presence in 18 countries in Europe, North America and Asia, while its products are sold in more than 80 countries worldwide. The Group's customer base extends to the food and beverage, aluminum, steel, construction, timber and bailing industries and it is the exclusive or preferred global supplier to an increasing number of major industrial and consumer products multinationals such as US Steel, Nestle, Coca Cola, P&G, Henkel, Pepsi, Mars, Lafarge, ArcelorMittal, Corus, Wall-mart etc. The shares of the M.J. Maillis Group are listed on the Athens Exchange under the ticker symbol "MAIK".
For more information please contact:
Company Contact:
Group's Investor Relations Department
Tel. +302106285000
E-mail investor.relations@maillis.gr
Investor Relations Advisors
Capital Link
Athens - Eftychia Yiagou - Tel. +30-210-6109-800
London - Annie Evangeli - Tel. +44-203-206-1320
New York - Matthew Abenante - Tel. +1-212-661-7566
E-mail: maillis@capitallink.com