Waiting to restructure short term debt was the main reason behind Graphene Nanochem PLC's (LON:GRPH) delay in publishing its 2015 results.
Shares were suspended as it revealed it would not be able to publish before June 30. It now expects to publish in August.
The firm needs final approval from the main lender Malaysian Debt Ventures Berhad (MDV) on terms for the restructure of the short term debt of £14.5mln, which amounts to around 58% of its total debt to institutions.
Terms include no payback up to the end of December, 2017 and an extended maturity date from November 2015 to December 2021.
Meanwhile, a debt restructuring plan with its other secured financiers, Bank Pembangunan Malaysia Berhad and Bank Rakyat Berhad will settle the rest of the group's secured debt of around £10.5mln through the planned disposal of non-core assets.
These include the fuel additive assets and the palm oil refinery, which have a value of around £18.2 million based on independent assessments.
Graphene said the successful restructuring of debt will strengthen the balance sheet and allow it to use operating cash flows in the near term for the advancement of the recalibrated business plan as it progresses into long term, higher margin business opportunities.