INTEX AND CREW GOLD CORPORATION AGREE TO SETTLEMENT OF OUTSTANDING DEBT
Intex Resources ASA has during the past week been in direct dialogue with Crew Gold Corporation (CDC) and their bondholders regarding the financial restructuring of CDC. Based on the dialogue and an evaluation of the alternatives, Intex has today entered an agreement to sell the debt to a third party.
The total amount of debt outstanding per 4 December 2009 is USD 10.3 million, including USD 0.55 million in accumulated interest. As per the original agreement, CGC’s debt to Intex would be repaid in annual instalments with the final payment to be made in September 2013.
After the agreement with CGC and the third party, Intex will immediately receive a payment of USD 7.35 million in final settlement of the debt.
In the current circumstances connected with the financial situation of CGC, Intex is of the opinion that this agreement is an acceptable solution for the company, as the agreed payment corresponds closely to the net present value of CGC’s debt. Due to this agreement, the company will take an accounting loss of approximately USD 2.95 million in financial results for the fourth quarter of 2009.
Erlend Grimstad
President & CEO
Intex Resources ASA
For further information please contact:
Erlend Grimstad, CEO
Mob: 00 63 9209707337
Email: etg@intexresources.com.ph
Intex Resources ASA
Munkedamsveien 45 A
0250 Oslo
Norway
NO 976 094 875 MVA
Phone: +47 23 11 33 44
Fax: +47 23 11 33 45
After the agreement with CGC and the third party, Intex will immediately receive a payment of USD 7.35 million in final settlement of the debt.
In the current circumstances connected with the financial situation of CGC, Intex is of the opinion that this agreement is an acceptable solution for the company, as the agreed payment corresponds closely to the net present value of CGC’s debt. Due to this agreement, the company will take an accounting loss of approximately USD 2.95 million in financial results for the fourth quarter of 2009.
Erlend Grimstad
President & CEO
Intex Resources ASA
For further information please contact:
Erlend Grimstad, CEO
Mob: 00 63 9209707337
Email: etg@intexresources.com.ph
Intex Resources ASA
Munkedamsveien 45 A
0250 Oslo
Norway
NO 976 094 875 MVA
Phone: +47 23 11 33 44
Fax: +47 23 11 33 45
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