Mighty Craft funding update

Mighty Craft Limited (ASX: $MCL) has announced a funding update, revealing key terms agreed with lenders and creditors to provide the flexibility and time needed to execute its ongoing divestment program. The company aims to deleverage the business through these measures. The terms include an extension of the bridging loan with a Swiss-based family office and a payment plan with the ATO for full settlement of the outstanding liability, among other developments.

Executive commentary on funding update

The Company is pleased to have secured the necessary funding support to continue its divestment program. These key terms agreed with lenders and creditors demonstrate their confidence in our strategy to deleverage the business. We are committed to executing the ongoing divestments and reaching sustainable agreements with our partners to ensure the Company's continued progress and success. Our focus remains on achieving the agreed milestones and evaluating offers for the best interests of all stakeholders.

Summary of funding update and outlook

Mighty Craft Limited (ASX: $MCL) has successfully secured funding support through key terms agreed with lenders and creditors, enabling the company to continue its divestment program as part of its strategy to deleverage the business. The extension of the bridging loan and the payment plan with the ATO reflect the company's proactive approach to managing its financial obligations. The upcoming divestment settlements and ongoing discussions with Pure Asset Management indicate progress towards achieving the company's goals. The Company's outlook involves focusing on executing divestments, evaluating offers for the best interests of stakeholders, and reaching sustainable agreements with partners to ensure continued progress and success.