BRIEF-Brait SE Updates On Restructuring Of Virgin Active UK Business

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BRIEF-Brait SE Updates On Restructuring Of Virgin Active UK Business
Credit: © Reuters.

March 11 (Reuters) - Brait SE BATJ.J :

* JSE: BAT (LON: BATS ) - UPDATE ON RESTRUCTURING OF VIRGIN ACTIVE UK BUSINESS

* BRAIT SE - VIRGIN ACTIVE EUROPE HAS BEEN SIGNIFICANTLY ADVERSELY AFFECTED BY ONGOING COVID-19 PANDEMIC

* BRAIT SE - RESTRUCTURING PLAN PRINCIPALLY CONCERNS VIRGIN ACTIVE UK, HOWEVER, THERE WILL BE AN INDIRECT BENEFIT TO ITALIAN AND ASIA PACIFIC BUSINESSES

* BRAIT SE - PURPOSE OF RESTRUCTURING PLAN IS TO RESTORE VIRGIN ACTIVE UK TO FINANCIAL STABILITY

* BRAIT SE - RESTRUCTURING PLAN WILL INVOLVE: SHAREHOLDERS OF VIRGIN ACTIVE PROVIDING ADDITIONAL LIQUIDITY THROUGH SHAREHOLDER FUNDING OF GBP45 MILLION

* BRAIT SE - VARIOUS VIRGIN ACTIVE GROUP COMPANIES HAVE ENTERED INTO A SUPPORT AGREEMENT WITH CERTAIN OF STAKEHOLDERS

* BRAIT SE - RESTRUCTURING PLAN INVOLVE EXISTING LENDERS AGREEING TO AMEND AND EXTEND TERMS OF EXISTING SENIOR DEBT FACILITIES OF VIRGIN ACTIVE EUROPE

* BRAIT SE - NEW GBP45 MILLION SHAREHOLDER FUNDING INJECTION FROM SHAREHOLDERS OF VIRGIN ACTIVE WILL BE PROVIDED IN TWO TRANCHES

* BRAIT SE - VASA BUSINESS IS NOT DIRECTLY IMPACTED BY RESTRUCTURING PLAN

* BRAIT SE - VIRGIN ACTIVE UK INTENDS TO APPLY TO ENGLISH COURT FOR PERMISSION TO CONVENE CREDITOR MEETINGS AT CONVENING HEARING, SCHEDULED FOR 25 MARCH

* BRAIT SE - IF RESTRUCTURING PLAN IS APPROVED AT THESE MEETINGS, SUBSEQUENT SANCTION HEARING, IS EXPECTED TO BE HELD ON OR AROUND 23 APRIL

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