Gascogne SA to request the suspension of the trading of its shares

Jul 11, 2012. /Lesprom Network/. In a press release dated March 27, Gascogne SA stated that losses in 2011 had led the company to renegotiate its syndicated loan with the bank pool. In line with IFRS standards, on 31 December 2011, the amount outstanding was classified as short-term debt, as the company said in the press release received by Lesprom Network. In this context, as announced last February, the Group has started discussions with all of its bank partners in order to ensure that means of funding operations and development are made sustainable. At the date of this press release, discussions on restructuring the debt are ongoing. In a tough economic environment, Gascogne has to face a more important cash flow pressure than expected when discussions started with the bank pool. The company has to deal with this new context in its discussions with the bank pool. Pending the outcome of these negociations, the Group has therefore decided to request the suspension of the trading of its shares. Gascogne will communicate as soon as possible on the results of ongoing negociations. Gascogne is an international company. It has four complementary and fully integrated divisions focused on generating value in specific market segments: wood products, kraft paper, sacks and laminates for packaging and protection applications.