Source - SMW
Graphene NanoChem expects to publish its delayed  audited accounts for the year ended 31 December 2015 in September.

The group says it has now achieved its second milestone in its restructuring programme and is in receipt of the final draft agreement approving the restructuring from its primary financier, Malaysian Debt Ventures Berhad, for the restructuring of Graphene NanoChem's short term debt of £14.5 million that constitutes c.58% of the group's total debt to financial institutions.

The salient terms of the MDV restructuring approval include:

-    A two  year payment moratorium up to 31 December 2017

-     An extended maturity date from November 2015 to December 2021

-    A pay down in the aggregate amount of £315,000 only in 2016 and 2017 respectively.

Execution of the agreement is anticipated in the very near term, thereby enabling completion and finalisation of the audit shortly thereafter.

The group's first milestone of its debt restructuring plan with its remaining secured financiers, Bank Pembangunan Malaysia Behad and Bank Rakyat, constitutes c.48% of the total debt to financial institutions.

 The planned realisation and disposal of its non-core assets namely the fuel additive assets and the palm oil refinery, are at an advanced stage.

BPMB has appointed KPMG as receivers in the process for the disposal of the fuel additive assets and the Group is in advanced discussions with Bank Rakyat for a common undertaking for the sale of the palm oil refinery via a tender process.

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