Bagir Group Ltd Completion of debt repayments (3003O)
November 04 2016 - 3:00AM
UK Regulatory
TIDMBAGR
RNS Number : 3003O
Bagir Group Ltd
04 November 2016
4 November 2016
Bagir Group Limited
("Bagir" or the "Company")
Completion of bank repayment
Bagir (AIM:BAGR), the designer, creator and provider of
innovative tailoring, is pleased to announce that it has completed
the agreement with its lenders, Bank Leumi and Discount Bank (the
"Lenders"), under which all outstanding bank debt (approximately
$21 million) has been cleared. Further details of this agreement
were announced on 25 July 2016.
In accordance with the repayment agreement, the Lenders are
currently in the process of cancelling the various charges and
securities that they hold over Bagir.
Following the completion of the repayment agreement, Bagir is
now free of bank debt.
Eran Itzhak, CEO, commented: "We are delighted to be able to
report the completion of the repayment agreement and the fact that
Bagir is now free of bank debt. This is transformative for us,
making Bagir into a very different business. We have a clear
strategy to pursue and we are well advanced down all the various
routes to achieving it. Our primary focus is on exceeding
expectations with our existing clients and winning new clients and
in the last few months we have been making very good progress on
all fronts."
Enquiries:
Bagir Group Limited
Eran Itzhak, Chief Executive Officer +44 (0) 1483
Udi Cohen, Chief Financial Officer 751577
N+1 Singer (Nominated Adviser &
Broker)
Alex Price +44 (0)20 7496
Sandy Ritchie 3000
Novella Communications (Financial
PR)
Tim Robertson +44 (0)20
Toby Andrews 3151 7008
About Bagir Group
A global innovative tailoring provider, Bagir Group specializes
in developing, manufacturing and marketing of high quality men and
women's tailored fashions. Bagir Group leverages their Global
Presence, Vertical Structure & Innovation and flexible approach
to production sites in order to provide consumers with the ultimate
wearing experience combining fashion, comfort, performance and
value.
At Bagir Group, focus on excellence in design and innovation
throughout the entire value chain is a fundamental platform for
achieving their goals. Strategic partnerships with retail customers
as well as maintaining production in relevant geographies, keep
Bagir Group in tune with the latest industry needs and trends while
helping ensure their customers' competitiveness and consumer
satisfaction.
Bagir Group markets their suits, jackets and trousers under
retail private labels as well as world renowned brands such as
AR-RED, and Jay Godfrey. From fiber to fabric, from design to
display, Bagir Group is among the world's most innovative tailoring
providers. The latest innovations introduced by Bagir Group include
stylishly designed concepts from flexible and stretchable clothes
to machine washable suits and airy all-climate garments. At Bagir
Group, innovation means delivering consumers with clothes and suits
that offer perfect performance backed by an experience of pure
comfort and style.
Bagir Group was established in 1961 and was admitted to AIM on
15th April 2014 (ticker:BAGR). http://www.bagir.com/index.html
This information is provided by RNS
The company news service from the London Stock Exchange
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