Spanish retailer Eroski has announced that it has signed a refinancing agreement with creditors, in accordance with the terms and conditions agreed at the beginning of March.
The agreement, which will be effective from 31 July, has been signed by creditor entities that represent 95.57% of the group's financial debt.
The rest of the creditors are expected to sign the deal in the coming days, the company said.
President of Eroski, Agustín Markaide, welcomed the signing of the agreement and said that it would help the retailer address financial challenges defined in its business plan.
It will also help in normalising the "level of indebtedness in relation to the generation of recurring funds", he said.
The agreement will be submitted for judicial approval for greater legal certainty to its content.
Eroski said that it has fulfilled all the commitments of the previous agreement.
Its debt amortisation has reached almost €1.8 billion since 2010.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.