MADRID, Oct 19 (Reuters) – The media group Prisa said on Monday that it has reached an agreement of basic commitments or “lock-up” to restructure syndicated debt for 1,148 million euros with a group of creditors representing 80 % of this liability, while announcing the sale of the Spanish part of its Santillana publishing subsidiary for 465 million euros.

In a statement to the Spanish stock market supervisor, the company said that the restructuring must be binding on all creditors and the affected debt.

“Therefore, in the event that 100% adherence of such creditors to the operation is not reached, the company will launch a legal or judicial procedure that allows such general effectiveness,” he said, adding that this will foreseeably be under the legal figure Scheme of Arrangement provided for in English law.

Likewise, the restructuring is also conditional on the divestment of Santillana’s Spanish assets.

The basic terms of the restructuring contemplate the partial repayment of the debt to be restructured for an amount of 400 million euros, extend the maturity of the remaining financial debt until 2025 and adapt the economic conditions of the debt to the new generation capacity group cash.

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