In a company update today to the Australian Stock Exchange, Kleos Space S.A. (ASX: KSS, Frankfurt: KS1), advised that its mandated broker has been unable to secure the required commitments to progress the converting note facility previously advised to the market on 6 June 2023.
In the statement, the company stated, “the Company’s financier has informed the Company (on 25 July 2023) that it will no longer extend forbearance on the loan facility terms or provide additional credit, and called the loans and other accrued amounts immediately due and payable.”
“In these circumstances, the Company’s Board has had no alternative but to acknowledge that the Company is unable to meet its financial commitments as they fall due, and that there is no prospect of viable alternative financial accommodation and will, accordingly, petition the relevant commercial district court in Luxembourg for a bankruptcy adjudication.”
