BOHEMIANS ARE SET TO restructure the club’s loan after agreeing a deal with Zurich bank, a statement on their official website has confirmed.
In accordance with the deal, interest payments will be rolled up into their payment of debt of over €4 million, with the date for settlement to be reviewed in June.
Bohemians will grant to Zurich Bank a charge on Dalymount Park – the third time there has been a charge on the property, while the bank will be repaid on the sale of the ground.
Provided there is a shortfall and the other secured creditors are compensated, the band will not seek to have the club wound-up.
Speaking on the new initiative, club president Chris Bein said:
“This agreement allows Bohemians to prepare for next season knowing that our largest creditor will not in the short term be seeking payment of the debt to them.”
The agreement was announced at a club meeting last night.