Maximum Entertainment in negotiations with lenders following covenant breaches
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Sällanköp |
| Industri | Gaming |
Stockholm, Sweden (November 27, 2024) - Maximum Entertainment AB (Nasdaq: MAXENT B) today announced that the company during the preparation of its quarterly report for Q3 2024, which will be announced later today, has identified breaches of covenants and termination events in two of its loan agreements.
The total exposure under the loans amounts to KUSD 36,508. The removal of Christina Seelye as CEO during the quarter triggered a termination event under the terms of two loans. In addition, the cash and current liability position at 30 September, 2024 put the Group in breach of financial covenants on loans contracted in the US. The Company has initiated discussions with the affected lenders, and negotiations are ongoing to find a resolution.
“We are working closely with our lenders to resolve this situation constructively. Our priority is to secure a financial structure that supports the Company’s continued development and long-term growth,” says Philippe Cohen, CEO of Maximum Entertainment.
The Company’s operations remain unaffected during the ongoing negotiations, and no operational changes are anticipated at this time. Maximum Entertainment will update the market on the progress of these negotiations as soon as possible.
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