Mark H Posted April 5, 2007 Share Posted April 5, 2007 Group Lotus confirms capitalisation of its loans Group Lotus is pleased to announce that its debt capitalisation was completed on 31st March 2007, with the support of its shareholder, Proton Holdings Berhad. The arrangement has secured the restructuring of approximately £45m of loans to equity, returning the company to a positive balance sheet. Mike Kimberley, CEO, Group Lotus said: “This capitalisation strengthens our balance sheet, reduces our interest payments going forward and improves our credit rating, which raises confidence among our dealer network and suppliers alike.” The debt restructuring is another positive sign for Group Lotus, together with significant growth in its engineering consultancy business (revenues up 32% year on year) and strong progress with its new 3 Car Model line-up and 5-year Strategic Business plan. Mike Kimberley concluded: “Thanks to the very positive support of our shareholder, this arrangement is a mandate for us to continue to move strongly forward. We are extremely optimistic about our future.” http://www.midlandslotus.co.uk/forum/uploa...pr_download.pdf This post has been promoted to an article Link to comment Share on other sites More sharing options...
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