85% of the group will go to the Frigoglass bondholders, with the parent company retaining only 15% following the completion of the relevant agreement reached by both parties yesterday, which is expected to be implemented by April 13, 2023. what was expected after what happened in the last few days after the non-payment of the bond installment by Frigoglass, in fact, ends the David era in the group, which was founded in 1996, but has been actively working with the Guinea Glass plant since 1975. and metal caps of Nigerian Crowns.

According to Frigoglass, whose shares are suspended from trading yesterday, the agreement with the bondholders provides for the following:

• The Bond Committee proceeds with the foreclosure of the shares of Frigoinvest Holdings BV (the holding company that owns Frigoglass), which is expected to be completed by April 13, 2023 (which is considered the date of implementation).

• A new corporate scheme (the name given to New DebtCo, but it is likely to be temporary) will be created whereby the shares of Frigoinvest Holdings BV (FHBV is the holding company that owns Frigoglass) and its subsidiaries will be transferred in which bondholders will be indirectly own 85%. FHBV and the Frigoglass group will be controlled by a new corporate structure.

• Beginning on the date of implementation, Frigoglass will transfer to FHBV and/or its subsidiaries nearly all of its assets and liabilities in exchange for a 15% equity stake in New DebtCo and a range of guarantees to maintain its solvency going forward. The transfer of assets and liabilities is subject to approval by the Frigoglass shareholders’ general meeting, which is expected to be convened shortly. In fact, Truad, which currently owns 48.55% and is David’s equity company, has pledged to vote on the implementation of the agreement, that is, the transfer of control of the company to a committee of bondholders.

In addition, the following changes were made to the contract dated December 5, 2022:

• Issuance of new senior secured bonds up to €75 million, including an unsecured option for an additional amount of up to €30 million by NewDebtCo.

• Restructuring of bonds maturing in 2025 as follows: NewDebtCo will issue new bonds worth €150m and the balance of bonds maturing in 2025 will be exchanged for 85% of NewDebtCo’s equity. Recall that the bonds maturing in 2025 were, based on the original agreement, 260 million euros.