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Hummingbird reports progress with financial restructuring
(Sharecast News) - Hummingbird Resources updated the market on its financial restructuring efforts with primary lenders Coris and CIG on Friday, along with its largest shareholder Nioko Resources Corporation.
The AIM-traded firm said that following the announcement of a $30m loan facility from CIG on 27 September, it received $10m of a new $20m loan in September, with the second tranche expected imminently to support repayments to Coris.
As of the third quarter, Hummingbird's net bank debt stood at $135m with Coris, including around $90m secured against company assets, and $20m of unsecured debt to CIG, maturing on 31 December.
The company said it was engaged in advanced discussions with Coris to restructure its debt and reschedule upcoming payments.
Coris had agreed to defer $30m in payments, including accrued interest, initially due on 31 October, pending a final restructuring agreement anticipated by 6 November.
Hummingbird said it would provide further updates as the discussions progressed.
At 1311 GMT, shares in Hummingbird Resources were down 6.02% at 6.32p.
Reporting by Josh White for Sharecast.com.
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