Living and Leisure Australia to Recapitalise

Living and Leisure Australia Group, formerly known as MFS Living and Leisure, has announced that it has entered into a series of arrangements, with its senior financier, other creditors and Arctic Capital Limited to support the recapitalisation of the group.

The major components of the proposal include a renounceable Rights Offer (Rights Offer) to raise at least $90 million and the refinancing of Living and Leisure Australia (LLA)'s senior secured debt and unsecured debt.

Julanne Shearer, the Independent Chair of LLA, said: "the Board is delighted to have been able to put into place the proposed recapitalisation, which we consider to be in the best interests of LLA's creditors and security holders."

12th February 2008 - DOWNHILL FOR MFS ASSETS