ZITON secures a long-term and viable capital structure
We are pleased to inform that our lenders and shareholders have reached an agreement which will significantly improve the capital structure and liquidity of ZITON. The solution includes an extension of our loans by 24 months, improvement of our equity by EUR 37m and improvement our liquidity by EUR 13.2m. The improved equity will be partly or fully provided by conversion of debt into equity. Following the transaction, the controlling shareholder of ZITON and thereby our new owners would be Permira Credit Solutions III Sub Master Euro S.à.r.l..
The new capital structure underlines ZITON’s existence as a strong and viable partner, where consistency and credibility continue to be key factors for the organization.
‘’We find this to be a solid and good solution, which shows that our lenders also see a strong future for the O&M market and trust in the performance of ZITON and our ability to uphold and build our position in the market.’’
– Thorsten Jalk, CEO, ZITON
After a positive year, with strong growth resulting in a solid market share, we are delighted to have secured this agreement. It provides a solid foundation that will make us able to continue the growth story of ZITON as a source for keeping the turbines running in support of our global journey towards a sustainable future.
It also gives us the possibility to offer a stable environment for customers and employees alike, where we can build long-lasting relationships.
We look forward to continuing our work and dialogue with customers, which will not be affected by the internal changes. We intend to continue delivering the same high-quality services both off- and onshore.
By interest, the official press release can be accessed by following this link.