European Lingerie Group AB announces breach of financial covenant resulting in an outstanding Event of Default under its bond terms
European Lingerie Group AB (the "Company") was in breach of the maintenance test for the reference period ending on 31 December 2019 as set out in the terms and conditions for its up to EUR 60,000,000 senior secured bonds with ISIN SE0010831792 (the "Bonds") (the "Terms and Conditions") and an Event of Default is therefore currently outstanding under the Terms and Conditions.The ratio for the net interest bearing debt to EBITDA for the reference period ending on 31 December 2019 was greater than the ratio permitted under the Terms and Conditions. On 16 January 2020 the Company completed