The companies originally had a financing facility agreement of four million euros, with a due date of 30 June 2012.
In December 2011, Savcor Group Oy and Cencorp agreed on extending the maturity date of a loan of some 1.2 million euros, granted to Cencorp by Savcor Group Oy in 2009 and converted into a convertible bond on 25 May 2010, until the end of June 2012.
Cencorp has a loan of one million euro from Savcor Invest BV, a daughter company of Savcor Group Oy. In January 2012 the loan period was extended until 30 June 2012 and furthermore Savcor Group Oy committed to extend Cencorp's loan until April 2013 if Cencorp's financial situation so requires.
Cencorp and Savcor Invest BV have today agreed on transferring the loan's due date until 30 September 2012. Additionally Savcor Group Oy has renewed its commitment to extend the loan period until April 2013 if Cencorp's financial situation so requires.
According to available estimates, the company's financing position will continue to be tight. In addition to the measures described above, the company has therefore started discussions with its major financiers and shareholders onmeasures to strengthen the financing position until the company's cash flow returns to positive.