Key update on Ten Sixty Four's restructuring progress

Ten Sixty Four Limited (ASX: $X64) has executed a restructuring framework agreement with its subsidiaries and affiliates, marking a significant step towards resolving historical issues and effectuating the Deed of Company Arrangement (DOCA) dated 1 November 2023. The agreement outlines key terms and processes for restructuring inter-company commercial, operational, and financing arrangements between the Company, its subsidiaries, and associates.

Executive commentary on the restructuring framework agreement

The CEO of Ten Sixty Four, Simon Theobald, emphasized the significance of the Restructuring Framework Agreement, stating, 'The execution of the Restructuring Framework Agreement represents a significant reset of the commercial arrangements between the Company, its subsidiaries and associates and a milestone achievement towards effectuation of the DOCA and resolution of historical issues. We acknowledge the cooperation of Raul Villanueva and the leadership team in the Philippines and look forward to working together to finalize the definitive transaction documentation.'

Summary of the restructuring framework agreement and outlook

The Restructuring Framework Agreement outlines amendments to existing agreements, including a tolling agreement and compromise agreement, aimed at resolving disputes and facilitating repayment of intercompany debts. Additionally, commitments to a longer-term lease, dividend policy, simplification of capital structure, and consolidation of reports demonstrate the Company's efforts to streamline operations and financial arrangements. The waiver of certain conditions precedent to the DOCA further signifies progress towards the resolution of outstanding issues. Ten Sixty Four will continue to provide updates as the restructuring process unfolds, reflecting its commitment to achieving a sustainable and stable corporate structure.