Procaps Group (PROC) has released an update.
Procaps Group, S.A. has entered into forbearance agreements with its creditors concerning approximately $195 million of financial debt, due to missed payments in August, avoiding immediate default repercussions. The agreements include a forbearance period until October 25, 2024, with specific conditions on capital expenditures and dispositions, and a commitment from the company’s majority shareholder to provide $5 million in subordinated debt. The company has hired FTI Consulting to advise on securing a long-term financial resolution with its creditors.
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