Riva Group Plc, the electronic point-of-sale systems manufacturer hit hard financially by the recession coupled with the rocky acquisition of Hugin Sweda (CI No 1,834), has come to a debt refinancing agreement with its bankers. The pact involves chairman and chief executive Tom Milne purchasing #659,481 owed to the Scandinavian Bank, and advancing a further #197,700 to his ailing company. Secondly, Milne, the banks and FBG Holdings will convert #4.2m of Riva’s debts to 1% convertible preference shares. Thirdly, the banks and FBG Holdings will extend #6.25m term facilities, of which #1.58m will bear a minimal interest rate of 1% until January 1994. And finally, the Co-operative Bank is to increase Riva’s overdraft facility to #1.15m, from #152,300. The firm turned in a #1.07m loss for the first six months of 1992.
