Ascendis Health forges a deal with its lenders to settle R7.61bn debt

Ascendis Health forges a deal with its lenders to settle R7.61bn debt
By Sandile Mchunu
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DURBAN - ASCENDIS Health yesterday reached an agreement with its lenders for the restructuring and recapitalisation agreement with its creditors Blantyre Capital and L1 Health for the settlement of its outstanding debt of €447 million (R7.61 billion).
However, the group said the proposed transaction required 75 percent of shareholder approval, adding that if it did not receive the required shareholder support, the senior lenders would be able to enforce their rights and Ascendis Health would be placed in business rescue.
The agreement comes after Blantyre Capital and L1 Health increased their exposure to the company's debt to more than 75 percent of the aggregate exposure of the company's consortium of external lenders in February.

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