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BRIEF-Lydian Provides Corporate Update

Published 2018-08-02, 07:05 a/m
© Reuters.  BRIEF-Lydian Provides Corporate Update
LYD
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Aug 2 (Reuters) - Lydian International Ltd LYD.TO :

* LYDIAN PROVIDES CORPORATE UPDATE

* LYDIAN INTERNATIONAL LTD - PREVIOUSLY REPORTED ROAD BLOCKADES NEAR AMULSAR GOLD PROJECT ARE ONGOING AND CONTINUE TO IMPACT CONSTRUCTION ACTIVITIES

* LYDIAN INTERNATIONAL LTD - SENIOR LENDERS HAVE AGREED TO EXTEND INITIAL REPAYMENT DATE AND AVAILABILITY PERIOD TO AUGUST 15, 2018

* LYDIAN INTERNATIONAL LTD - ISSUED TERMINATION NOTICES TO 100 EMPLOYEES, REPRESENTING APPROXIMATELY 30% OF ITS WORKFORCE

* LYDIAN INTERNATIONAL LTD - STAGED EMPLOYEE REDUCTIONS ARE EXPECTED TO CONTINUE UNTIL A PERMANENT RESOLUTION RELATED TO BLOCKADES IS ACHIEVED

* LYDIAN INTERNATIONAL LTD - ALL CONSTRUCTION CONTRACTORS HAVE BEEN IDLED

* LYDIAN INTERNATIONAL LTD - AB SVENSK EXPORTKREDIT AND CAT FINANCIAL EXTENDED AVAILABILITY PERIODS UNDER THEIR CREDIT AGREEMENTS

* LYDIAN INTERNATIONAL LTD - BLOCKADES HAVE PREVENTED LYDIAN AND ITS CONTRACTORS FROM ENTERING AMULSAR SITE SINCE LATE JUNE

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