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For the third time in two months, FNG has asked to delay repayment to its bond holders. The Belgian fashion group is in dire straits due to an aggressive acquisition policy, and already had its shares suspended.
Recovery plan
In a new press release, FNG asks to suspend repaying its bonds for the whole year. It is already the third attempt by the fashion group in two months’ time, Belgian newspaper De Standaard writes. Last week, the request was only about a delay of three months rather than seven. The delay should enable the company to draft a recovery plan.
The bond holders will meet online on 11 and 26 June to agree on an answer. The total worth of the five bonds is 75 million euros, but the complete size of the company’s debts is rather around the 540 million euro mark. Just last year, FNG issued a bond worth 140 million euros to be able to buy the Swedish Ellos group.
Meanwhile, FNG’s share remains suspended as the company struggles to answer questions by financial regulatory agency FSMA regarding certain acquisitions and its 2018 accounts. The publication of the detailed figures on financial year 2019 was also delayed, causing the shareholders’ meeting to be postponed as well.
