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Drastic restructuring on the table (again) to end Ascen...

Drastic restructuring on the table (again) to end Ascen...
dailymaverick.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymaverick.co.za Daily Mail and Mail on Sunday newspapers.

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INTERVIEW | Debt-for-asset swap was the best move for Ascendis, says CEO Mark Sardi

Ascendis' woes stem from its ambitious debt-funded acquisition spree that saw it snap up a number of businesses in Europe. ....

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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 â¬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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Ascendis reaches deal with lenders to settle billions in debt

The group’s share price rose past the 9% mark on Wednesday morning, following its announcement of a debt restructure and recaptialistion agreement, that will bring it close to ending a tough few years. ....

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Debt-for-assets swap: Ascendis reaches compromise deal...

Ascendis Health will surrender its valuable international assets to settle debt in a restructuring and recapitalisation deal reached with its lenders. If shareholders approve the transaction, they won’t be left empty-handed, retaining most of the SA businesses. If they don’t approve it, they may be left with nothing.
The compromise deal, announced on Wednesday, is the result of months of heavy bartering between management led by CEO Mark Sardi and chief financial officer Cheryl-Jane “CJ” Kujenga and creditors Blantyre Capital and L1 Health.
Sardi, a former head of investment banking at Nedbank, has also held CEO and CFO roles at a number of other businesses, including House of Busby, Cipla South Africa and Truworths International. He joined Ascendis more than 18 months ago to lead its turnaround. Kujenga joined in December after leading a balance sheet restructuring process while CFO at Adcorp. ....

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