LONDON (ShareCast) - (ShareCast News) - Clear Leisure issued an update clarifying the position in relation to ongoing negotiations with creditors of its subsidiary, Mediapolis, on Tuesday.
The AIM-traded company said that, while there had been no agreement since the release of its interim results on Monday, its negotiations were in an "advanced stage" and if successful, the discount on buying back various debts of Mediapolis would amount to around €4.4m, at a proposed discount of about 87%.

If the negotiations are successful and the proposed discount was agreed, Clear Leisure said it would equate - on a consolidated basis - to a "significant improvement" in the group's balance sheet of approximately €3.8m, or around 1.24p per share.

"These agreements would represent a key step forward in the company's strategy of restructuring the group's debt and ring-fencing of assets," said chairman and CEO Francesco Gardin.

"They should also strengthen Clear Leisure's argument to have the winding up petition dismissed when the Ivrea Court reconvenes on 29 September."

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