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BRIEF-Feronia Inc Reports 2019 Financial Results, Announces Short Term Debt Financing

Published 2020-05-22, 08:59 a/m
FRN
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May 22 (Reuters) - Feronia Inc FRN.V :

* FERONIA INC. REPORTS 2019 FINANCIAL RESULTS; ANNOUNCES SHORT TERM DEBT FINANCING, PROPOSED RESTRUCTURING AND DIRECTOR CHANGES

* FERONIA INC - FERONIA MAIA SRL HAS ENTERED INTO A LOAN FACILITY FOR UP TO $15.0 MILLION

* FERONIA INC - COMPANY AND EACH OF ITS UNITS HAS ENTERED INTO SUPPORT AGREEMENT WITH KKM AND CDC GROUP PLC

* FERONIA INC - CO WILL FIRST ENGAGE AN INDEPENDENT FINANCIAL ADVISOR TO CONDUCT THIRD-PARTY SALE PROCESS FOR CO AND ITS ASSETS

* FERONIA INC - LARRY SERUMA HAS BEEN APPOINTED AS EXECUTIVE CHAIRMAN OF CO

* FERONIA INC - CDC HAS AGREED TO SUSPEND ITS EXISTING RIGHTS TO NOMINATE DIRECTORS TO BOARD DURING RESTRUCTURING PERIOD

* FERONIA INC - DAVID OSBORNE AND ANDREW BROWN HAVE ALSO RESIGNED AS DIRECTORS

* FERONIA INC - KAMAL PALLAN HAS BEEN APPOINTED TO JOIN BOARD AS A FURTHER NON-EXECUTIVE DIRECTOR NOMINEE OF KKM

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