Ascendis looks set to be solely a local player after agreeing to debt-for-asset swap
The debt-laden group’s shares rose more than 14% after it said it had struck a deal with lenders to swap many of its best assets for debt
12 May 2021 - 11:14
UPDATED 12 May 2021 - 22:00
Debt-ravaged health group Ascendis has struck a deal with lenders that involves it exchanging its European businesses to extinguish about €447m (R7.6bn) in debt, leaving the company with assets only in SA.
After mulling numerous options, including delisting, selling businesses “with a fire sale sign above the door”, or a rights issue, Ascendis believes its restructuring deal is by far the best option, CEO Mark Sardi said on Wednesday...
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