Nextil, a textile company, has recently announced a significant change in its leadership. Manuel Martos, a board member and CEO, has resigned from his position due to personal and health reasons. This change will be effective from October 20, 2023. In light of Martos’ resignation, Nextil has informed the National Securities Market Commission (CNMV) that it has entered into a loan agreement worth 4 million euros with its primary shareholder, Businessgate.

Moving forward, Nextil’s main focus will be on developing a strategic and business plan, as well as strengthening its financial position. The company’s board of directors will work closely with the management team to achieve these goals, with the support of Businessgate. The loan agreement with Businessgate will provide Nextil with the necessary funds to improve its financial stability and effectively execute its plans.

Apart from the loan agreement, Nextil has other plans in motion to ensure its growth and profitability. The company intends to reduce its corporate structure costs in order to enhance organizational efficiency and increase profit margins. This plan will be presented and voted on at the upcoming general shareholders’ meeting. Nextil believes that this restructuring will play a crucial role in its overall growth and success.

Nextil is also seeking approval for a modification of the terms and conditions of its convertible bonds. These bonds were initially issued in June 2019 and had their maturity date extended by six months at a shareholders’ meeting on June 12, 2023. The proposed modification, which has been agreed upon by all bondholders, would further extend the maturity date to June 17, 2026. This extension will enable Nextil to continue its corporate expansion plans without jeopardizing its cash position.

Overall, Nextil is taking significant measures to secure its future and ensure its growth in the textile industry. Although the resignation of its CEO poses challenges, the company’s board of directors is committed to working closely with the management team and Businessgate to navigate these changes and drive Nextil towards success. By securing a loan, reducing costs, and modifying the terms of its convertible bonds, Nextil is proactively addressing its financial position and strategic direction. These efforts exemplify the company’s determination and commitment to its stakeholders and its ambition to thrive in the dynamic textile industry.

Helpful links:
1. Nextil Official Website: Visit Nextil’s official website for more information about the company and its operations.
2. CNMV Official Website: Explore the website of the National Securities Market Commission (CNMV) to access official announcements and regulatory information about Nextil.