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Tue, Jul 16, 2019 02:57
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Management Side
Fortress Announces Release of $3.4 Million in Restricted Cash

VANCOUVER (News release) -- Fortress Global Enterprises Inc. announced that its wholly owned subsidiary, Fortress Bioenergy Ltd. ("FBL"), has received from its senior lender, IAM Infrastructure Private Debt Fund LP, $3.4 million in restricted cash previously held in a debt service reserve account. These funds will be used to secure additional wood fibre inventory for the Fortress Specialty Cellulose mill (the "FSC Mill"). FBL is required to replenish the reserve account with three months of blended principal and interest payments (approximately $1.2 million ) by June 30, 2020 .

Giovanni Iadeluca , President and Chief Executive Officer of Fortress, commented: "The proceeds of the released funds from IAM is integral to the FSC Mill building wood fibre inventory and increases the overall working capital available. We are grateful to IAM for their continued support. This release of restricted cash supplements the previously announced multi-year moratorium on Fortress' loan with Investissement Québec. Together, these initiatives provide Fortress with enhanced liquidity and improved financial flexibility."


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