ABGSC acted as financial advisor to Axxis Geo Solutions in connection with its USD 41m financial restructuring

On 17 July, Axxis Geo Solutions (“the Company”) announced that the Company had reached agreement with its key creditors to convert outstanding trade obligations into loan agreements.
Prior to the restructuring and conversion of trade obligations, the Company experienced a liquidity squeeze and payable overhang. In the restructuring, USD 25m of accounts payable was converted into a tradable and secured two-year bond loan, while USD 10m of accounts payable was converted into unsecured loan agreements. In addition, the maturity on a USD 6m note payable to TGS was extended from September 2020 to June 2021.