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Graphene Nanochem takes another step in debt shake-up

Nano-technology group's main financier gives consent for restructuring
An atom structure
Graphene Nanochem plans to focus on more profitable markets such as water treatment

Material and chemical specialist Graphene NanoChem plc (LON:GRPH) has passed another milestone in its debt restructuring.

The company said it had received a final draft agreement approving the shake-up from its main financier, Malaysian Debt Ventures Berhad.

Graphene NanoChem plans to restructure its short-term debt of £14.5mln that makes up about 58% of its total debt to financial institutions.

Terms include no payback up to the end of December 2017 and an extended maturity date from November 2015 to December 2021.

Execution of the agreement is anticipated soon, thereby enabling completion and finalization of the audit shortly thereafter, it said.

Graphene Nanochem said the planned realisation and disposal of its non-core assets, namely fuel additive assets and its palm oil refinery, were at an advanced stage.

The Malaysia-based nano-technology firm said the overhaul would place it on a stronger footing to focus on longer term, higher-margin business opportunities such as water treatment.

It added that it would publish its annual results, which have been delayed, later this month.

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