February 11, 2020.
Cybergun today announces that the commercial court has definitively approved the firm's accelerated financial rescue plan.
As previously announced, bondholders will soon be offered two reimbursement options. With financial support from Restarted Investment, these will help Cybergun become entirely debt-free and enjoy rebalanced accounts.
In response to this news, Cybergun CEO Hugo Brugière said: "We're finally bringing an end to the crippling liabilities handed on to us by the firm's former directors. When Restarted Investment bought a stake in Cybergun in 2014, the group's debt was at €40m.
At last, we're going to be able to devote our time, energy and resources to grasping countless new sales opportunities.
I'd like to thank all those people, including company employees and advisors, who've supported us in this process and have therefore helped make this triumph possible."
The company will soon share news on the next stages in line with the draft schedule below:
- March 2, 2020: Start of the period for choosing Option 1
- April 1, 2020: Deadline for choosing Option 1 or 2
- May 15, 2020: 30% reimbursement for bondholders having chosen Option 2
- October 19, 2020: 15% advance payment made to bondholders having chosen Option 1
- December 1, 2020: Start of bond equitization period under Option 1
- December 31, 2022: End of bond equitization period under Option 1
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About CYBERGUN: www.cybergun.com
CYBERGUN is a world leader in recreational shooting, named an "Innovative Company" by Bpifrance. During its fiscal year ended March 31, 2019, the company posted consolidated revenues of almost €30 million. The CYBERGUN share (FR0013204351 - ALCYB) is eligible for FCPI, PEA and PEA-PME.
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