FIT Biotech Oy in Breach of Covenants under Subscription Agreement with Alpha Blue Ocean
On 25 February 2019 at 9:45 (EET), the Board of Directors of FIT Biotech Oy ("FitBio", FITBIO: FN Finland) issued a stock exchange release (the “Release”), indicating announcing that FitBio had decided to file for bankruptcy (the “Bankruptcy Filing”).
Alpha Blue Ocean Advisors (UK) LTD (“ABO”) regrets that FitBio’s board decided that it had no choice but to proceed with the Bankruptcy Filing. ABO works constructively with all of its borrowers to endeavour to preserve value, including with respect to FitBio.
FitBio was in breach of certain covenants under the existing loan/subscription agreement with ABO and, as a result of this, FitBio had no right to request a further drawdown under that existing agreement. ABO had notified FitBio, on numerous occasions, that it was in covenant breach, and accordingly, that further funding under the existing loan/subscription agreement between FitBio and ABO was no longer possible.
For the month leading up to the Release, ABO had been in active discussions with FitBio’s board of directors and executive management regarding a potential restructuring of FitBio, which would have entailed an injection of capital into FitBio (the “Restructuring”). As a result of these discussions, ABO presented a restructuring plan to FitBio which the board of directors of ABO considered to be a viable plan.
Unfortunately, FitBio was unable to meet certain necessary conditions for the Restructuring, and ABO understands that this was in fact the reason for the board of directors of FitBio deciding to file for bankruptcy.
Alpha Blue Ocean Advisors (UK) LTD
Board of Directors
Alpha Blue Ocean was founded by Pierre Vannineuse and is the investment manager to a family of funds operating across multiple jurisdictions. ABO specialises in debt and equity financing to publicly listed companies across the world and in a variety of sectors including healthcare, energy, mining, and technology. Its main representation office is based in London, UK.
For more information, please visit www.alphablueocean.com
For press and media enquires please contact Veronika Usmanova
Tel: +44 (0) 203 855 0088
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