Neofect Plans to Repay Private Loan Principal and Interest... "Possible to Secure Funds through Asset Securitization"

[Asia Economy Reporter Hyungsoo Park] Neofect announced on the 7th that it will resolve the reasons for non-payment of the principal and interest of bonds with early redemption claims. The company is considering various methods such as securitization of non-current assets and borrowing.

Neofect disclosed that there was a reason for non-payment of 3.3 billion KRW principal and interest among the 1st convertible bonds (CB) with early redemption claims. In consultation with bondholders, it plans to pay the unpaid 2.97 billion KRW by November 30.

Neofect is considering securitization of its held non-current assets and borrowing through financial institutions. A company official stated, "A temporary cash shortage occurred due to the early redemption claim," adding, "The scale of non-current assets is larger than the amount of funds needed for repayment."

Along with financial improvement activities, Neofect will work on increasing sales and maximizing profitability through business revitalization. It is strengthening its sales network mainly in Europe and the United States, where demand for innovative medical devices is high.