Dia appoints Borja de la Cierva as the new CEO while he completes the refinancing of his debt

Dia appoints Borja de la Cierva as the new CEO while he completes the refinancing of his debt


MadridUpdated:

New events around Dia. The supermarket chain has reported in a relevant event to the CNMV that it is finalizing the refinancing of its debt until May 2019 with the banks after several weeks of negotiations. Specifically, this will allow you to have 200 million euros to be able to pay your suppliers, in addition to the temporary suspension of the review of your financial covenants (the guarantees with the creditor bank), which was to take place next February.

In its statement, Dia states that "there is an understanding with its financial creditors about the fundamental terms of the agreement, which is pending final approval by the credit committee of an entity, and expects its signature may materialize soon."

This agreement allows the company to take oxygen and obtain liquidity to pay suppliers, thanks to the 200 million that it will receive. It must be remembered that the banking entities cut the financing routes between the months of October and November. In addition, the agreement with the banks implies that the capital increase be made for 600 million, which is insured by Morgan Stanley so far. The company is confident that with the expansion and divestments it will carry out (sale of Clarel and Max Discount), the foundations will be laid to get out of the crisis in which it is involved.

But this is not the only movement. The company has also reported that Antonio Coto He ceases to be a CEO, who arrived just four months ago. Your substitute will be Borja de la Cierva, which reached Dia from El Corte Inglés in 2016. In addition, the former Secretary of State for Commerce and former president of Aena also joins the board Jaime García Legaz as an independent director. In recent weeks his name had been shuffled as possible president of Dia, but for now Richard Golding will continue to lead.

These events occur just the day after the company raised its share price by 22%, with the share price standing at 0.44 euros, after the rumors about its refinancing of the debt grew.

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