Omnia engages with creditors on debt restructuring

23rd April 2019 By: Marleny Arnoldi - Deputy Editor Online

Following an expected decrease in earnings for the financial year ended March 31, JSE-listed Omnia and its principal debt providers have agreed to devise and implement a restructuring of the company’s existing debt to ensure its long-term sustainability.

Omnia in March announced that its decreased earnings were the result of adverse market conditions and increased financial charges.

The company expects to communicate an acceptable solution to its debt by the time its financial results are published on or around June 25.

“At this stage, Omnia and debt providers are still assessing the appropriateness of the required debt package in light of the company’s operational cycle and industry-specific requirements and there is no requirement for any unscheduled repayment or recapitalisation,” Omnia said in a statement on Tuesday.

Meanwhile, the company will publish another trading statement once it is more certain of the extent of the difference in the reporting period’s results to that of the prior comparable period.