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
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