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DIA names new CEO, unveils refinancing deal

The struggling DIA group continues to overhaul its executive ranks, even as it works on shoring up its finances, with both moves aimed at stabilizing its position.

The group announced the removal of Antonio Coto as CEO, effective 28 December 2018, just four months after he was named to the position.  DIA instead named Borja de la Cierva Álvarez de Sotomayor, a member of its Board of Directors, as its new CEO. Cierva Álvarez has previously been the CFO of Inditex and Supply Chain Manager at El Corte Inglés.

Additionally, the group appointed two interim directors to replace representatives of Letterone who announced their departure last month.

DIA also announced a new refinancing deal, offering the troubled group some much-needed liquidity.  The company said that a deal with “certain financial entities” will provide it with additional short-term liquidity of 215 million euros.  It will additionally receive access to 681 million euros worth of financing via working capital financial instruments.

DIA also reaffirmed its intention to continue with the divestment of its Clarel and MAX Descuento assets, as it looks to raise more funds. (www.kamcity.com)

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