Situations

Debt, covenants and refinancing – rescued or not.

Today

1. Debt & refinancing Critical Metals CRTM£83m moved

   Additional funding requirement

   The £2.1m NIU convertible loan note was raised on 31 December 2025. The final results state that part of the funds went on restructuring, debt reduction and Molulu, and that fieldwork restarted after funds were released.

   Amount £2.1 million convertible loan note from NIUUse of money Restructuring, debt reduction and advancing the Molulu …

   +860% since 7 Nov · moved 26 Oct

Friday

1. Debt & refinancing Bezant Resources BZT£25m new

   Yorkville loan facility

   On 22 October 2026 Bezant completed a £4M gross unsecured, non-convertible loan with Yorkville's YA II PN Ltd, drawn in full, as an alternative to an immediate £4M equity placing.

   Size £4 million gross, drawn in full; 6% upfront fee and £20,000 …Interest 5% p.a., unsecured, non-convertible, repayable in cash

   Next First £400,000 repayment; ATM facility to be set up within 15 business days 15 Jan · in 81 days −10% since 23 Oct · moved 23 Oct

Earlier this month

1. Debt & refinancing Gran Tierra Energy Inc. (CDI) GTE£306m

   October 2026 notes amortization

   The sale agreement of 5 Aug 2026 provides for the purchaser to assume the 2029 and 2031 notes and for Gran Tierra to redeem the 2027 Notes from proceeds. The 2031 Notes consent was obtained on 22 Sep 2026.

   Notes assumed 2031 Notes and 2029 Notes assumed by purchaserNotes redeemed 2027 Notes redeemed by company from proceeds

   Next Closing of the Sale, when the 2031 Notes amendments take effect 31 Dec · in 66 days +179% since 24 Oct · moved 9 Oct
2. Debt & refinancing MyCelx Technologies Corporation MYX£12m

   Liquidity and bridge financing

   Cash fell to c.$0.5m by July 2026 and the company was weighing financing options for Permian equipment manufacture.

   Size Up to $500K, drawable in whole or partTerm 9 months

   Next Drawdown of CEO bridge loan; financing for Permian equipment manufacture −19% since 8 Oct · moved 8 Oct
3. Debt & refinancing Oxford Biodynamics OBD£16m

   Funding requirement by late August

   The company said on 30 June 2026 that it needed new funds by late August, with cash of £1.38m at 31 May and no non-dilutive deal. It announced a £9.15m placing on 10 August;

   Size £9.15m placing of 9,150,000,000 new sharesPrice £0.001 per Placing Share

   Next Vulpes to pay outstanding £250,000 placing balance 30 Oct · in 4 days −22% since 30 Jun · moved 1 Oct
4. Debt & refinancing Creo Medical Group CREO£50m

   Path to self-sustaining cashflows

   Since January 2026 Creo has cut costs and raised funds: a £5.5m placing and £2m Development Bank of Wales loan notes completed in May 2026.

   Cash £7.4m at 30 June 2026 (31 December 2025: £12.4m)Financing completed About £5.5m equity placing; £2.0m convertible loan notes …

   Next Short-term financing options; CME binding terms in Q4 2026 −8% since 20 Jan · moved 30 Sep
5. Debt & refinancing Tan Delta Systems TAND£16m

   Cash runway and funding need

   The Board continues to keep these requirements under regular review.

   Next Board keeps funding requirements under review −20% since 30 Sep · moved 30 Sep
6. Debt & refinancing Tortilla Mexican Grill MEX£28m

   Covenant waivers after French restatement

   A French accounting adjustment in May 2026 cut FY25 EBITDA, raised covenant breach risk and delayed the audit, so shares were suspended from 1 July. Accounts were then published.

   FY25 EBITDA £1.1m pre-IFRS 16 after £2.7m of French correcting …Adjusted net debt £12.4m at end of H1 FY26 (H1 FY25: £9.9m)

   −2% since 19 May · moved 29 Sep

A row opens the situation with its chart and every step. Company pages also show the smaller matters – a new CEO, a plan, a contract, director buying.