Transpacific close to restructuring finances

Transpacific is in the final stages of completing its capital structure review

Queensland-based waste management operator Transpacific has announced it is in the final stages of completing its capital structure review.

According to a statement released to the ASX, the company says after a number of detailed proposals from a numerous parties it is within touching distance of completing the review.

"The proposals [the company has] received have taken many formed and it has therefore taken the board time to evaluate and negotiate each of these proposals to achieve an outcome which is in the best interests of Transpacific and its shareholders," the statement says.

"Transpacific is now in the process of refining the proposals with the respective parties."

However the company says its "preferred" transaction involves a significant amount of capital raising which would include the introduction of a cornerstone investor and this is all being taken into account during current discussions.

An improved capital structure review would also help the company financially and allow Transpacific to restructure its syndicated debt facilities and "substantially reduce debt levels and leverage" the statement says.

Key Transpacific stakeholders the Peabody family have indicated to the board they will participate in any proposed capital raising and shareholders will also be able to participate in the process.

Transpacific shares remain suspended until negotiations are finalised.

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