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Iconic Labs PLC on Friday said administration was now completed and control has been returned to the board.
The London-based media and technology business said it and its advisers were in active ongoing discussions with the Financial Conduct Authority to lift the suspension of its shares as soon as possible.
It said all disputes involving the company, its former management and European High Growth Opportunities Securitization Fund were now resolved.
Iconic Labs also signed a £3 million financing facility with EHGOSF to pay for its short-term operational needs and its company voluntary arrangement requirements.
After drawing down three tranches under this facility, it cannot draw down any more funds until the suspension of shares is lifted.
The key provisions under the CVA include administration fees and critical creditors being paid under a plan that will end in April or May if Iconic Labs can continue to access funds under its financing facility.
This is alongside agreeing a 75% discount with unsecured creditors in their claims against the company, representing a reduction of 75% to £267,000 from around £1.1 million. This is to be satisfied through the issue of 1.67 billion new shares, if the CVA payments obligations can be met.
Secured creditor claims of around £4.2 million were also reduced by 82% to £750,000, which will be satisfied through the issue of convertible notes.
EHGOSF reduced its claims by 75% to £750,000 from around £3.0 million, which will also be satisfied through the issue of convertible notes.
Following this restructuring, Iconic Labs said it is in a much better position when its listing was suspended in June, adding it will keep the market updated regarding lifting the suspension and any corporate developments.
By Greg Rosenvinge, Alliance News reporter
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