In a notable development, Nextil, a prominent player in the textile industry, announced the resignation of its CEO and board member, Manuel Martos, effective October 20, 2023, citing personal and health reasons.
Simultaneously, Nextil has informed the National Securities Market Commission (CNMV) of its board of directors’ decision to enter into a €4 million participative loan agreement with its primary shareholder, Businessgate.
The company underscores its commitment to working closely with the current management team to execute Nextil’s strategic plans and strengthen its financial position, with unwavering support from Businessgate.
Nextil is poised to introduce a plan for cost reduction within its corporate structure at the upcoming general shareholders’ meeting. This initiative aims to enhance organizational efficiency and drive increased profit margins.
Furthermore, the company will seek approval for a modification of the terms and conditions of Nextil’s convertible bonds. Originally issued following approval at the general shareholders’ meeting in June 2019, these bonds saw their maturity date extended by an additional six months during the shareholders’ meeting on June 12, 2023.
The proposed modification, backed by 100% of bondholders, includes an extension of the bonds’ maturity date from the end of this year to June 17, 2026. This strategic move enables Nextil to pursue corporate expansion without compromising its cash reserves.