February 7 (SeeNews) - Croatia's civil engineering company Institut IGH [ZSE:IGH] said on that its creditor, local financial services provider B2 Kapital, has written off debt in the amount of 5.3 million euro ($5.7 million), which is part of the senior debt from the pre-bankruptcy settlement of Institut IGH.
Institut IGH and B2 Kapita have signed a protocol on the release of debt, in line with a decision of the B2 Kapital management from June 14, 2022, according to the provisions of a restructuring agreement which was signed by the two companies on March 12, 2021, Institut IGH said in a filing to the Zagreb bourse on Monday.
As a result, B2 Kapital can not and shall not demand the fulfilment of the specified part of the senior debt from the debtor, it added.
The two companies signed agreements on March 12 over Institut IGH's payment-in-kind (PIK) debt settlement and restructuring of its remaining senior debt obligations towards B2 Kapital on the basis of a pre-bankruptcy settlement from 2013, Institut IGH said back then.
According to data from the court registry, B2 Kapital is owned by Luxembourg company BackB Investments.
The shares of Institut IGH closed 9.09% higher at 14.40 euro on Monday. On Tuesday morning, the bourse said it suspended trading in the shares of Institut IGH due to unconfirmed information that that company's accout has been blocked.
($ = 0.933 euro)