COD – UPDATE ON VOLUNTARY DEBT RE-ARRANGEMENT
Reference is made to Codfarmers ASA’s stock exchange announcement dated 18 December 2012 regarding the Company’s proposal for a voluntary debt re-arrangement. Pursuant to the proposal, all unsecured debt as of 16 December 2012 was to be reduced by 50% and the remaining 50% was to be paid no later than 15 April 2013.
As more time than originally estimated is required to complete the Company’s sale of assets and subsidiaries, the Group do not have the cash resources available on 15 April 2013 to make repayment in accordance with the debt re-arrangement. The Group will therefore request the unsecured creditors that are comprised by the debt re-arrangement for Atlantic Cod Farms AS and Atlantic Cod Juveniles AS for a one month postponement of the payment date, and the unsecured creditors comprised by the debt re-arrangement for Codfarmers ASA and its other subsidiaries for a three months postponement. Codfarmers ASA will send a written request to the relevant creditors.
The Group’s cost base has been significantly reduced, and new debt is not incurred.
For further information, please contact:
Harald Dahl, CEO of Codfarmers, email email@example.com, telephone +47 90 11 92 82, or
Ulf H. Sørdal, acting Chairman of the Board, email firstname.lastname@example.org, telephone +47 41 91 67 17.