LCID - Aston Martin Scrambles To Tackle $1.4B Debt Share Prices Surge As Chairman Takes Charge Of Recovery | Benzinga
Aston Martin Lagonda Global Holdings Plc (OTC:AMGDF) Executive Chairman Lawrence Stroll confirmed that the loss-making British luxury carmaker is discussing with bankers to address a pending debt pile of approximately $1.4 billion.
What Happened: The talks will primarily focus on a $1.1 billion bond that is set to mature in November next year, reported Bloomberg on Monday. The company, grappling with a 10.5% coupon, is liable for annual payments of $120 million.
Stroll, in an interview with Bloomberg Television, stated, “We are currently studying with our bankers the most appropriate actions of how to deal with it. Obviously it will be addressed in the most appropriate manner possible and in the best interests of the company and its shareholders.”
Shares of Aston Martin rose by as much as 2.2% in early Tuesday trading in London as investors welcomed the news of the debt negotiations.
As per Benzinga Pro data, Aston Martin closed at $2.26 on Monday, in the OTC market.