Datalex facing race to repay Dermot Desmond’s costly loans via IrishTimesBiz
The rate will ultimately hit 18 per cent in October if the loans are not repaid in the meantime, injecting a bit more urgency into Datalex’s financing plans. Unfortunately, it’s at a time when the company’s third chief financial officer since late 2018, Dan Creedon, has booked a departure flight for the end of June, after only 1½ years in the job.
Corkery said on Thursday that the much-anticipated recovery in Chinese aviation was “truly under way”, with transaction volumes among customers using its software in that country soaring 26 per cent on the month in March, even if total values for the first three months of the year were only at 43 per cent of 2019 figures.46:13
Seasoned Datalex watchers say the company’s next funding round will have to raise close to the €25m raised almost two years ago, in order to clear the Desmond loans Global airline passenger traffic in February — measured in revenue-passenger kilometres — surged 56 per cent on the year, leaving activity within 15 per cent of pre-pandemic levels, according to figures last week from the International Air Transport Association.
Market sources say Datalex would face an onerous rate close to what Demond is charging if it opted for taking on fresh debt — especially with the European Central Bank on track to continue increasing official borrowing costs over the near term, having increased its deposit rate from minus 0.5 per cent to 3 per cent since last July.
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