Exail Technologies restates accounts to recognize €329 million creditor liability
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- ✓Exail Technologies said on Friday it restated its half-year financial statement to recognize a €329 million liability for financing provided by creditor ICG.
- ✓The company started this review after Thales proposed an acquisition.
- ✓Many contractual clauses got checked following a June dispute between the two sides over valuation issues.
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- BUSINESS
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- Reuters
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- 1 Minute(s)
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- India Economy
Oct 9 (Reuters) - French underwater drone maker Exail Technologies (EXA.PA), opens new tab said on Friday it had restated its half-year financial statement to recognize a €329 million ($369 million) liability for financing provided by creditor ICG, after a review of contractual clauses triggered by Thales's (TCFP.PA), opens new tab proposed acquisition of Exail.
The restatements follow a June dispute between Exail and ICG over the valuation of Exail Holding — the unlisted subsidiary through which ICG holds bonds and preferred shares — where the two sides were about €380 million apart.
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($1 = 0.8906 euros)
Reporting by Hugo Lhomedet and Matthieu Huchet in Gdansk, editing by Milla Nissi-Prussak
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