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Footway: Restructure and reset - SEB

We expect Footway Group to emerge from a successful restructuring in Q1 this year (District court announcement on 23 January), implying a net gain on debt of SEK 210m (impacting equity). Adding to the SEK 20m convertible debt issued in Q3 last year, Footway will now issue equity as part of financing proposed debt payments of SEK c. 70m. Excluding the restructuring and new financing terms, we reiterate our current mid-point value of SEK 3.

We expect Footway Group to emerge from a successful restructuring in Q1 this year (District court announcement on 23 January), implying a net gain on debt of SEK 210m (impacting equity). Adding to the SEK 20m convertible debt issued in Q3 last year, Footway will now issue equity as part of financing proposed debt payments of SEK c. 70m. Excluding the restructuring and new financing terms, we reiterate our current mid-point value of SEK 3.
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