British fund takes over indebted firm Notos Com
Debt manager Pillarstone and British investment fund M&G have signed a deal for the latter to provisionally undertake Notos Com’s loans worth 7 million euros.
The final say rests with the banks that have offered to write off almost 70 percent of Notos Com’s loans. Their consent is a necessary condition for Notos Com to escape bankruptcy and receive another 7 million euros in refinancing. The refinancing will also be undertaken by the new owner of Notos Com – i.e. M&G, which will fully replace Pillarstone.
The process to find a new investor began after Pillarstone’s decision to depart from Greece for good and sell its holding in Notos Com, offering funding of 14 million euros in two stages. In the context of that deal, Pillarstone has already paid 7 million euros to restore the retailer’s liquidity, while the additional 7 million in refinancing, due this past summer, is still pending.
The new buyer will have to return the initial 7 million to Pillarstone and implement the refinancing stage for a total of 14 million euros, part of which will go to the restructuring of the Notos Galleries store on Aiolou Street, near Omonia, to which part of the activity from the shuttered Notos Galleries Home store in Kotzia Square has been moved.
