GGP announces to have reached an agreement with the Group’s financial creditors regarding debt restructuring plan. GGP financial position significantly strengthened.

- The signing of the financial restructuring provides the Group with a solid and long-term stable balance sheet, allowing the Management to focus on business and innovation only
- €257.1 million debt left in place from previous €487.7 million
- Former senior and second lien lenders will become owners of the Group

The Global Garden Products Group ("GGP" or the "Group"), Europe’s largest lawnmower manufacturer, has reached an important restructuring agreement with its major stakeholders. The agreement represents the first step for the birth of the new GGP, which now can look ahead with optimism toward the future.

The new settlement ensures long-term financial stability and allows to implement GGP business plan, starting in all Group’s subsidiaries a complete activities restructuring process, primarily focused on commercial, logistic and productive areas.

Georg Metz, CEO of GGP, commented: “This financial restructuring marks a key milestone in the history of GGP, putting the whole Group on a sound financial footing, with a stable and solid capital structure which allows us to concentrate on innovation and satisfaction of our clients only. Furthermore, together with our new owners, which put a huge effort to help in designing and finalizing this transaction, we could pursue growth opportunities and improve our strategic positioning all over the world. I would therefore like to express my gratitude to the creditors and to the banks, especially to those of the senior and second lien lenders' Coordinating Committee, for their support and the trust they showed us by entering directly GGP governance”.

GGP will continue to deliver its products through the consolidated brands Stiga, Castelgarden, Alpina and Mountfield, the ones of its strong private label and OEM business, which which altogether constitute the backbone of the Group activity.

About GGP

Global Garden Products is Europe’s largest lawnmower manufacturer with subsidiaries in 14 countries. GGP owns four consumer brands  -  Stiga, Castelgarden, Mountfield, Alpina  -  five production units  -  and GGP lawnmowers are sold in more than 80 countries all over the world. GGP focus continuously on innovation and development, in order to satisfy the needs of millions of customers.