Business
Verde Announces Court Approval of Debt Renegotiation Agreement
The Agreement Secures Extended Payment Terms and Reduced Interest Rates, Enhancing Liquidity ...
About this update from Verde Agritech Ltd
[{"type":"text","content":"Verde Announces Court Approval of Debt Renegotiation Agreement\n\n\n\n\n The Agreement Secures Extended Payment Terms and Reduced Interest Rates, Enhancing Liquidity\n \n\n\n SINGAPORE, April 15, 2025 (GLOBE NEWSWIRE) --\n \n Verde Agritech Ltd\n \n (TSX: “NPK”) (\"\n \n Verde\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that the civil court has homologated Verde’s Debt Renegotiation Agreement, as disclosed in press releases dated October 2, 2024\n \n 1\n \n and November 11, 2024\n \n 2\n \n .\n \n\n\n Terms Applicable to Adherent Creditors:\n \n\n\n The adherent creditors, representing 92.2% of the total outstanding debt, will be subject to the following conditions from the date of filing of the plan.\n \n\n\n\n Grace Period\n \n : all payments are suspended for 18 months;\n \n 3\n \n\n\n\n Repayment Term\n \n : Debt to be amortized over 108 months;\n \n\n\n Principal Repayment Schedule\n \n :\n \n\n 10% repaid between months 19 and 54;\n \n\n 30% between months 55 and 90;\n \n\n 60% between months 91 and 126;\n \n\n\n\n\n Interest Payments\n \n :\n \n\n Between months 6 and 18: fixed monthly payments of R$100,000;\n \n\n Thereafter: interest accrues at\n \n Certificado de Depósito Interbancário\n \n (“\n \n CDI\n \n ”) + 1.25% for three years, increasing to CDI + 2.5%.\n \n\n\n\n\n\n\n Terms Applicable to Non-Adherent Creditors:\n \n\n\n Non-adherent creditors, accounting for 5.3% of the total outstanding debt, mandated by court ruling to comply with the renegotiation plan, are subject to:\n \n\n\n\n Debt Reduction:\n \n 75% reduction of the principal, equating to a reduction of approximately R$7.0 million;\n \n\n\n Grace Period:\n \n 18 months on both principal and interest, starting from the court homologation date, April 14, 2025;\n \n\n\n Repayment Term:\n \n 108 months following the grace period;\n \n\n\n Interest Rate:\n \n Reduced to the\n \n Taxa Referencial\n \n (TR)\n \n 4\n \n , currently at around 0.81% per year.\n \n\n\n\n About Verde Agritech\n \n\n\n Verde Agritech is dedicated to advancing sustainable agriculture through the innovation of specialty multi-nutrient potassium fertilizers. Our mission is to increase agricultural productivity, enhance soil health, and significantly contribute to environmental sustainability. Utilizing o...