Solocal announced on Thursday that it had received the approval of its creditors for the rescheduling of its bond debt, a further step towards tackling its high level of indebtedness.

The digital marketing specialist reports that its bond creditors have agreed to the postponement to the end of January 2024 of the payment of coupons initially scheduled for June, September and December 2023.

The Group has also obtained a waiver of some of its financial covenants, relating to the ratio of consolidated EBITDA to consolidated net interest expense, and to the consolidated net leverage ratio.

Solocal, which offers small and medium-sized businesses advertising solutions placed in local media, posted sales of 400 million euros last year, with recurring Ebitda of 115 million euros.

At the end of June, Solocal's net financial debt stood at 181 million euros, down from 171 million euros on December 31, 2022.

On the Paris Bourse, the share price dropped by more than 1% after this announcement. The stock is still losing 86% this year.

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