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Curetis and European Investment Bank to Restructure Debt Repayment

The story has been corrected to reflect the debt is owed by Curetis, not Aries as previously misstated.

NEW YORK – Curetis said on Monday it is working with the European Investment Bank (EIB) to restructure debt owed by the OpGen subsidiary.

The restructured plan currently under consideration involves Curetis repaying €5 million ($5.37 million) in cash this month on the first tranche with the remaining €8.35 million ($9 million) to be amortized over the following 12 months and paid in equal €700,000 monthly cash installments from the end of May.

Interest rates on the remaining debt are to remain unchanged at 10 percent per year.

The parties also plan to increase the percent participation interest from the current 0.3 percent on then prevailing OpGen market capitalization to 0.75 percent by June 2024. The current restructuring plan does not call for further payments or consideration, including any equity.

The second and third tranches of €3 million and €5 million principal plus respective accumulated deferred interest which mature and become due for repayment in June 2023 and June 2024, respectively, remain unchanged at this time.

Curetis expects to finalize a restructuring plan with EIB on the foregoing terms, though a definitive agreement has not yet been reached, it said.

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