The agreement modifies the restructuring plan of April 26, 2010 and has a duration until December 31, 2015. Early repayment of the medium/long-term loans is envisaged, with 85,5 million euros deriving from the sale of the investment in Noel. This sum was part of the allocation already frozen by Stefanel in favor of the banks involved in the 2010 agreements.
The commitment of the banks benefiting from the compulsory early repayment provides for the provision of a 1 million euro cash facility to the company from 2012 July 12, subject to compliance by Stefanel with the financial parameters of the new agreement as at 31 December 2011. Other points of the agreement are: the moratorium until 31 December 2013 on the repayments of the principal portions of medium-long term loans, with subsequent amortization from 2014 to 2017 and the confirmation of the operating finance lines until 31 December 2013.
