GREY:NKRSF - Post by User
Post by
Chuckleeon Dec 18, 2015 8:01am
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Post# 24394427
Corporate Update
Corporate UpdateCALGARY, ALBERTA--(Marketwired - Dec. 18, 2015) - Niko Resources Ltd. ("Niko" or the "Company")(TSX:NKO) announces that it has negotiated an agreement with the institutional lenders of its US$340 million senior term loan facilities with respect to an extension to the standstill period to provide the Company with additional time to pursue its strategic plan. The agreement requires the approval of a majority of the lenders, and the Company expects to receive the required level of approval within the next few days. Under the negotiated agreement, subject to certain conditions, the lenders would agree not to act until January 15, 2016 on any rights or remedies arising from any default on the term loan, provided that the lenders could terminate the standstill period with 10 days notice if they become of the opinion that there is no reasonable prospect of agreeing to a commercially acceptable strategic plan.