Aspiro in settlement with creditors

Aspiro has reached a composition with creditors representing 96 percent of all claims.

On November 19, 2002, Malmö District Court decided on a company reconstruction for Aspiro AB. The reconstruction work has concentrated on focusing on the company's core business and hence reducing the company's costs, achieving a settlement with the company's creditors and acquiring new capital for the company. Aspiro's present share issue is conditional upon the company receiving at least MSEK 20 and a successful composition with its creditors. "It is gratifying that we have reached a settlement with creditors representing 96 percent of all claims within such short period of time. On condition that the share issue is successfully carried through, the composition means that Aspiro's present reconstruction will be cancelled on February 19, 2003", says Aspiro's reconstructor attorney Leif Ljungholm. Creditors with claims exceeding SEK 20,000 have been offered a composition of 25% of all claims exceeding SEK 20,000. Up to this date, creditors representing 96% of all claims have accepted this composition. Hereby, Aspiro's settlement with its creditors has succeeded. The composition will be paid to all creditors when funds from the share issue have been paid to Aspiro. The work of getting all creditors to accept the composition continues. The remaining four percent, which constitutes seven creditors have either not answered to the offered composition or have note yet given a final decision. If necessary, these creditors may be forced to accept the composition according to a public composition. It is Aspiro's belief that the funds from the share issue, the savings generated by the restructuring programme and an approved composition will guarantee the company's business until it achieves a positive operating profit at the end of 2003. For more information: Helena Gynnerstedt, Head of Information, Aspiro AB, ph: +46-40-630 03 18, e-mail: helena.gynnerstedt@aspiro.com Leif Ljungholm, Attorney and reconstructor for Aspiro, Wistrand Advokatbyrå, ph: +46-40-24 33 00, e-mail: leif.ljungholm@wistrand.se