Acroud delays interest payment to shore up business

The CasinoTop10 owner, which embraced a SaaS and network-based model since acquiring Voonix, Matching Visions and Traffic Grid in 2021, has also agreed a standstill with some of the larger bondholders representing 54.5% of the adjusted nominal value.

This agreement includes “undertakings not to take any actions under the Terms and Conditions due to the postponement of the Interest Payment”. This will also help Acroud to “manage the upcoming maturity of the Bonds”, said the company.

Acroud expected in the “near future” to announce a commercial agreement with the main shareholders and stakeholders that would provide a “long-term viable solution for the company”.

As well as amended Bond terms, this could include “other transactions”, such as asset sales.

The announcement comes on the back of another disappointing set of quarterly results, which saw revenue down 8% to €9.5m and EBITDA by 9% to €1.5m in Q2. 

During this period, the Robert Andersson-led business also negotiated a waiver for the repayment of the entire outstanding bond.

Andersson said in a statement accompanying the results that: “Moving forward, our primary focus will be on restructuring and refinancing efforts, enabling to allocate more resources towards driving growth”.