TOKYO, Apr 30 (Pulse News Wire) – V-cube,inc. (3681.T) extended the repayment deadline for a syndicated loan agreement until June 30, 2026, due to ongoing efforts to delist its subsidiary TEN Holdings, Inc.
The initial agreement had set the repayment deadline for March 31, 2026, but was previously pushed back to April 30, 2026. The loan, totaling ¥1.489 billion, was taken out to acquire shares of TEN Events, Inc. (formerly Xyvid, Inc.), now a subsidiary of TEN Holdings.
The extension comes amid concerns over delayed liquidity generation from the planned divestiture of TEN and the uncertainty surrounding future repayment plans. V-cube expects to secure additional funding through a rights issue scheduled for June 2026, which should help clarify its repayment strategy. The company's CFO, Ichiro Yamamoto, emphasized that various financial measures are being implemented to stabilize the firm’s cash flow and rebuild its financial foundation.
The loan carries significant covenants requiring maintenance of net assets, avoidance of consecutive operating losses, and adherence to debt service coverage ratios.
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