EMBRACER GROUP ANNOUNCES BORROWING EXTENSION

[ 18 December 2023 ]

Embracer Group, owners of over 900 owned or controlled franchises including Borderlands and Tomb Raider, has announced agreements with its two main credit and loan facilities have been extended until February and May 2025, respectively. The value of the agreements is SEK 17 billion.

"We are pleased to further strengthen Embracer's financial flexibility, which also demonstrates the confidence that our main banks and financial institutions have in our financial profile and strategy. As part of the ongoing restructuring program, we have the ambition to reduce debt, both on a gross and net debt level. This credit and loan extension is aligned with our own agenda and puts us in a stronger position as we transition from heavy-investment mode to a highly cash-flow generative business", says Lars Wingefors, co-founder and Group CEO of Embracer.

In June of this year, Embracer Group announced a comprehensive restructuring program with immediate implementation. As part of the restructuring program, Phil Rogers was appointed interim Chief Strategy Officer and Matthew Karch was appointed interim Chief Operating Officer. The restructuring program was announced following the collapse of a two-billion dollar deal with an unnamed suitor.

Embracer Group