FIT Biotech Oy in Breach of Covenants under Subscription Agreement with Alpha Blue Ocean
On 25 February 2019 at 9:45 (EET), the Board of Directors of FIT Biotech Oy ("FitBio", FITBIO: FN Finland) issued a stock exchange release (the “Release”), indicating announcing that FitBio had decided to file for bankruptcy (the “Bankruptcy Filing”).
Alpha Blue Ocean Advisors (UK) LTD (“ABO”) regrets that FitBio’s board decided that it had no choice but to proceed with the Bankruptcy Filing. ABO works constructively with all of its borrowers to endeavour to preserve value, including with respect to FitBio.
FitBio was in breach of certain covenants under the existing loan/subscription agreement with ABO and, as a result of this, FitBio had no right to request a further drawdown under that existing agreement. ABO had notified FitBio, on numerous occasions, that it was in covenant breach, and accordingly, that further funding under the existing loan/subscription agreement between FitBio and ABO was no longer possible.
For the month leading up to the Release, ABO had been in active discussions with FitBio’s board of directors and executive management regarding a potential restructuring of FitBio, which would have entailed an injection of capital into FitBio (the “Restructuring”). As a result of these discussions, ABO presented a restructuring plan to FitBio which the board of directors of ABO considered to be a viable plan.
Unfortunately, FitBio was unable to meet certain necessary conditions for the Restructuring, and ABO understands that this was in fact the reason for the board of directors of FitBio deciding to file for bankruptcy.
Alpha Blue Ocean Advisors (UK) LTD
Board of Directors
Alpha Blue Ocean was founded by Pierre Vannineuse and is the investment manager to a family of funds operating across multiple jurisdictions. ABO specialises in debt and equity financing to publicly listed companies across the world and in a variety of sectors including healthcare, energy, mining, and technology. Its main representation office is based in London, UK.
For more information, please visit www.alphablueocean.com
For press and media enquires please contact Veronika Usmanova
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her, og modtag pressemeddelelser på e-mail. Indtast din e-mail, klik på abonner, og følg instruktionerne i den udsendte e-mail.
Flere pressemeddelelser fra Business Wire
BARTEK-INGREDIENTS21.3.2019 23:37:07 CET | Pressemeddelelse
Bartek Ingredients Expands Leadership Team
MAJESCO/HANSARD-GLOBAL21.3.2019 21:32:10 CET | Pressemeddelelse
Hansard Global Plc Selects SaaS-Based Majesco LifePlus Solutions to Transform Their Business
CA-RESMED21.3.2019 21:07:09 CET | Pressemeddelelse
ResMed to Host an Investor Meeting on April 4, 2019
QATARDEBATE21.3.2019 16:05:13 CET | Pressemeddelelse
Her Excellency Sheikha Hind Attends International Universities Arabic Debating Championship Closing Ceremony
CA-TAULIA21.3.2019 16:02:03 CET | Pressemeddelelse
Taulia Enhances Platform with New Artificial Intelligence Capabilities in a World First for Working Capital Solutions
PA-CITRUS21.3.2019 15:23:09 CET | Pressemeddelelse
Life-Sciences and Healthcare Communications Leaders John “Zeke” Czekanski and Scott Roberts Join Citrus Global Healthcare Communications Group as Managing Partners
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter samt finde vores kontaktoplysninger.Besøg vores nyhedsrum