LONDON - Woodbois Limited, an international timber company, has been notified by Nykredit Bank A/S of the termination of its loan facilities, requiring immediate repayment. The notice, affecting Woodbois' subsidiary Woodbois International ApS, mandates the settlement of approximately DKK 6.8 million (USD 0.61 million) and EUR 2.05 million (USD 2.11 million) by January 17, 2025.
Nykredit Bank's decision follows unsuccessful attempts over the past year to reach an amicable debt settlement with Woodbois. The bank has invited the company to discuss a potential settlement agreement. In response, Woodbois' directors have expressed their belief that reaching a settlement is in the best interest of both parties. They are working with advisers to address the situation promptly and plan to update the public as developments occur.
The termination of the loan facilities and the subsequent guarantee call on Woodbois Limited to repay the loans underscores the financial challenges faced by the company. Such developments often lead to negotiations for revised payment terms or settlements between lenders and borrowers.
Woodbois has not disclosed further details of the discussions with Nykredit Bank or the potential impact on its operations. The company's efforts to resolve this financial obligation are ongoing, and additional information will be provided when available.
This news is based on a press release statement from Woodbois Limited, released to the public domain and now considered inside information under UK market regulation law.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.