Home Meal, the company that owns the food chain Nostrum, has filed a creditors' meeting, after which one of its creditors has decided to seize the company's accounts. The company, which is listed on the Alternative Stock Market (MAB), announced last September an agreement to refinance all its short-term debt, for an amount of approximately 10 million euros. This agreement included an agreement with the nine financial entities that made up the banking "pool", as well as the holders of one-year notes quoted in Luxembourg.
However, the company that presides over Quirze Salomó has informed tonight that "the unilateral and last-minute decision of only one of the entities of the banking" pool "to seize the accounts of the company has caused the breakdown of the refinancing agreement" , preventing Home Meal from "operating normally".
The Catalan firm considers that this decision not only harms their interests, but also those of the rest of the banks and holders of promissory notes, which make up more than 90% of the company's debt.
In view of this situation, Home Meal has been obliged to present a pre-call for creditors "to safeguard the common good, the continuity of the company, as well as the interests of the shareholders, other creditors, workers, customers and suppliers". "This step allows the company continue with its operations and with ongoing negotiations for debt refinancing", remarks the company in a statement.
Home Meal doubled its losses in 2017 and ended the year with a red number of 3.46 million euros, compared to the negative 1.52 million in 2016.
The company has also been immersed in the launch of its own cryptocurrency for almost a year, called Meal Token. The aim of the Catalan group was to raise 50 million euros through this initial offer of currency (ICO, in English) to finance its expansion plan, which envisaged going from 130 current establishments to 800 throughout Europe in a period of five years.
However, the launch of this cryptocurrency, which was announced by Quirze Salomó in December 2017 and accumulates several months of delay, may finally be in the air before the complex economic situation in which the company has entered.