February 16 (SeeNews) - Croatian alcoholic and soft drinks producer Badel 1862 [ZSE:BD62] said on Friday it has successfully been recapitalised with 222.7 million kuna ($37.3 million/29.9 million euro) in a debt-for-equity swap.
Local chemical products manufacturer Meteor injected 214.15 million kuna into Badel, while the Croatian government contributed 8.5 million kuna.
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Meteor recapitalised the company by converting 184.15 million kuna in outstanding debt into equity and making an additional cash payment of 30 million kuna, Badel said in a filing with the Zagreb Stock Exchange.
Following the transaction, Meteor holds 21,414,842 shares in Badel 1862, while the government owns 853,297.
Badel and Meteor had earlier concluded a strategic partnership agreement, under which Meteor was obliged to recapitalise the company.
The company has been trying to find a strategic partner since 2015.
At the beginning of 2016, the company sold its non-alcoholic drinks brands, including Nara, Inka and Vocko, to Slovenian mineral water producer Radenska, as part of its decision to pull out of the non-alcoholic beverages market and focus on its core business.
(1 euro=7.43676 kuna)