RB 74:Meeting all of the conditions precedent under the Restructuring Agreement and entry into force of the Restructuring Agreement and Annex No. 8
Firma: WORK SERVICE SPÓŁKA AKCYJNASpis treści:
1. RAPORT BIEŻĄCY
2. MESSAGE (ENGLISH VERSION)
3. INFORMACJE O PODMIOCIE
4. PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
| KOMISJA NADZORU FINANSOWEGO | ||||||||||||
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| Raport bieżący nr | 74 | / | 2020 | ||||||||
| Data sporządzenia: | 2020-08-28 | |||||||||||
| Skrócona nazwa emitenta | ||||||||||||
| WORK SERVICE S.A. | ||||||||||||
| Temat | ||||||||||||
| Meeting all of the conditions precedent under the Restructuring Agreement and entry into force of the Restructuring Agreement and Annex No. 8 | ||||||||||||
| Podstawa prawna | ||||||||||||
| Art. 17 ust. 1 MAR - informacje poufne. | ||||||||||||
| Treść raportu: | ||||||||||||
| The Management Board of Work Service S.A. (“Issuer” or “Company”), in relation to the current reports: (i) No. 42/2020 on conclusion of a cooperation agreement on debt restructuring between the Company and the Issuer's lending banks (“Banks”) (“Restructuring Agreement”); (ii) No. 43/2020 on signing an annex No. 8 to the loan agreement of 18 November 2015 (“Loan Agreement”) (“Annex No. 8”) and other documents specified in the Restructuring Agreement; (iii) No. 46/2020 concerning the conclusion by the Issuer of an arrangement extending the maturity of the loans specified in the Loan Agreement and the dates under the Restructuring Agreement; (iv) No. 55/2020 on the conclusion by the Issuer of annex to the Restructuring Agreement and annex No. 9 to the Loan Agreement; (v) No. 63/2020 on the conclusion by the Issuer of annex no. 2 to the Restructuring Agreement and annex no. 10 to the Loan Agreement; informs that today all other conditions precedent of entry into force of the Restructuring Agreement, about which the Company informed in points (g) and (h) of the current report no. 42/2020 and point (b) of the current report no. 55/2020, have been fulfilled. As a result, the Restructuring Agreement and Annex No. 8 came into force today. At the same time, the Issuer informs that as a consequence of entry into force of the Restructuring Agreement, its parties are obliged to carry out the target debt restructuring on the basis of the partial agreement, which the Company and the Banks plan to conclude in the following weeks as part of the procedure to approve the agreement within the meaning of the restructuring law ("Agreement"). The Restructuring Agreement provides for partial repayment and partial reduction (haircut) under the Agreement of the Bank's receivables towards the Company under the Loan Agreement in the amount of the principal receivable of approximately PLN 110,350,000.00 to the amount corresponding to 50% of the principal receivable ("Repayment Amount").The Repayment Amount will be repaid by the Company to the Banks in quarterly instalments in accordance with a fixed repayment schedule, whereby the first payment shall take place by 30 September 2020 and the last by 30 June 2023. Interest on the Repayment Amount will be charged in the amount of WIBOR 3M + 200 bps per year. Detailed conditions of the Restructuring Agreement are described in current report no. 42/2020. As a result of the analysis carried out, the Issuer assumed that qualification of the above-mentioned information as confidential within the meaning of Art. 17 sec. 1 MAR, subject to publication in the form of this report, is justified. Legal basis: Article 17 section 1 MAR _EU_Regulations of the European Parliament and of the Council no 596/2014 of 16 April 2014 on market abuse _Regulation on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC. Signatures: Thibault Lefebvre – President of the Management Board Iwona Szmitkowska – Vice-President of the Management Board | ||||||||||||
| MESSAGE (ENGLISH VERSION) | |||
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| PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ | |||||
| Data | Imię i Nazwisko | Stanowisko/Funkcja | Podpis | ||
| 2020-08-28 | Thibault Lefebvre | President of the Management Board | |||
| 2020-08-28 | Iwona Szmitkowska | Vice-President of the Management Board | |||
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