Aventum advised SRV in its successful recovery program. The measures comprising of asset disposals, restructuring of debt structure and measures to strengthen equity were a total of 400 million euro in value.
SRV announced on 31st October 2019 the launch of its recovery program and on 6th February 2020 the sale its stake in REDI shopping centre, reduction of its ownership in Tampere Central Deck and Arena project, commencement of measures to strengthen equity and agreement on amendments to existing 100 million euro revolving credit facility. Measures to strengthen equity consisted of an offer to holders of hybrid notes to convert their notes into new shares, resulting in conversion of 75 million euro, and a rights issue of 50 million euro. Furthermore later in the spring SRV commenced a written procedure to amend terms of both of its senior unsecured notes, a total of 137 million euro outstanding. The recovery program concluded successfully on 17th June when final results of SRV’s fully subscribed rights issue were published.
Successful implementation of SRV’s recovery programme will enable the company to continue developing its businesses and focus on operative earnings power on the back of now more robust balance sheet and significantly improved financial position.
Aventum Partners acted as adviser to SRV and its Board of Directors in the contemplated recovery program.
For further information regarding the project contact:
+358 400 530 820