Shareholders of embattled Ascendis Health have overwhelmingly approved a restructuring deal that will leave it a solely SA player and could see it soon delist from the JSE.
These remaining assets, with turnover of R2bn, will be left after the group hands over and sells assets bringing in R6.2bn, in exchange for the extinguishing of €429m in debt, leaving it with €15m in borrowings, but also new facilities. As part of a restructuring exercise undertaken in 2020 to buy time to sell assets, Ascendis’s agreement with lenders included a high-risk loan structure that allows borrowers to pay interest with additional debt.
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