STRAX has for the past six quarters received waivers concerning breach of certain conditions in the loan agreement with its lenders. The communication and relationship with P Capital (PCP) as main lender has been constructive throughout this period.
As communicated in the Q4 report for 2022 published February 23, 2023, STRAX has worked out a tactical plan involving divesting certain assets to strengthen the liquidity and balance sheet. As a part of that, PCP has also agreed to restate the covenants for Q1, Q2 and Q3 of 2023 to adjust for the current situation. STRAX thereby returns to being in compliance with the loan agreement.
STRAX is now executing the plan and expects to considerably lower the debt level of the Group during 2023 and in particular repay significant parts of the outstanding amounts under the loan agreement.
“We are thankful for the constructive dialogue with our lenders and their continuous support.
We have reached a good understanding and are fully aligned on the plan and are happy to have this formalized in order to fully focus on implementing the plan, which is progressing well” says Gudmundur Palmason, CEO STRAX Group.