Ymagis, creditors agree to extend standstill agreement to July 31

By Angela McDaniels

Tacoma, Wash., April 25 – Ymagis SA and its financial creditors agreed to extend the standstill agreement negotiated in February to July 31 from April 24, according to a company news release.

The company is seeking to renegotiate the repayment conditions of its €36.5 million of bonds due 2020 issued in a private placement in 2015.

The company said its €9.8 million of available cash flow at the end of 2018 did not allow it to make the €19.5 million bond repayment initially scheduled for Feb. 23. This led it to enter into discussions with all its financial creditors and obtain standstills awaiting the outcome of the debt negotiations.

As of Dec. 31, the company had €40.2 million of financial debt maturing in less than one year and €29.1 million of debt maturing in more than one year.

The company is searching for short-term financing solutions. Ymagis said a possible solution is currently under audit and should enable it to cover its operating funding requirements for the coming months.

In addition, Ymagis has mandated that Transaction R, a subsidiary of Rothschild & Co., advise it on different strategic solutions for its Eclair business unit.

The Paris-based issuer specializes in digital technology for the movie industry.

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