Atlantic Sapphire outlines possible rescue package

The “investor group”, as it is known, represents around 63% of the shares and 93% of its outstanding convertible loans.

Just a few days ago Atlantic Sapphire said it needed up to US $30 million (£22.5m) to complete the first phase of its operation.

It had delayed publication of its annual accounts by a week, to give more time to secure the capital and avoid the risk that it will fail to meet its financial obligations.

Atlantic Sapphire, which has debts of over $100 million (£75m), warned that if agreement was not reached within a week, the company would be at risk of default.

The company is said to be worth between $25 million and $75 million (£18.8m to £56.3m).

The investor group represents approximately 63% of the shares and 93% of the company’s outstanding convertible loan.

The bridge loan and the potential refinancing are subject to final agreement. A number of elements of the potential refinancing will require amendments to the articles of the company and the approval of the general meeting of the company with the requisite majority.

The bridge loan is in the amount of up to $10 million (£7.5m), divided into two tranches, and carries an interest rate of 12% per annum with an origination fee of 15% of the principal.

If agreed, the first tranche is expected to be disbursed on or around 30 March 2026. The bridge loan matures on 15 May, and is subject to an extension if the parties reach agreement on the potential refinancing.