Snoozebox Holdings has confirmed that it believes it is in the best interests of stakeholders as a whole that the Company and Subsidiary be placed into administration.
The Company said this decision follows discussions with its primary lender, SQN Asset Finance Income Fund, concerning its debt repayment obligations and the longer-term capital structure of the Company.
"Despite constructive discussions and a number of proposals being made, it is now the Directors' view that the Company and SQN will be unable to agree a suitable debt servicing plan or longer-term capital structure for the Company and without SQN's support the Directors have concluded that the Company is unable to continue as a going concern. The Company's main trading subsidiary Snoozebox Limited (the "Subsidiary") would, in the absence of support from SQN, be unable to pay its liabilities as they fall due. The Company, by virtue of its guarantee of the Subsidiary's debt service obligations, would then in turn also be unable to pay its liabilities as they fall due."
At 1:05pm: (LON:ZZZ) Snoozebox Holdings PLC share price was -0.02p at 0.36p