European Lingerie Group AB announces failure to pay bond interest due on 22 May 2020
European Lingerie Group AB (the "Company") announces failure to pay interest due on 22 May 2020 under the terms and conditions for its up to EUR 60,000,000 senior secured bonds with ISIN SE0010831792 ("Terms and Conditions").
As previously announced, the Company is experiencing adverse financial circumstances as a consequence of the extraordinary world-wide events arising due to the COVID-19 pandemic. The Company has initiated actions to mitigate the effects of the virus to ensure that the Company can operate on a sustainable financial platform both during and after the pandemic. The Company is actively managing the liquidity situation due to the crisis but as there is currently not sufficient liquidity it will not be able to make the interest payment due on 22 May 2020 under the Terms and Conditions.
The failure to pay interest will constitute an Event of Default under the Terms and Conditions.
The Company has ongoing discussions with certain holders of the bonds and other investors to find solutions for the Company and to reach an agreement with respect to the unpaid interest.
This information is information that European Lingerie Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 11.00 CET on 13 May 2020.
Baiba Birzniece
Head of M&A, Strategy and Investor Relations
European Lingerie Group AB
+371 2609 4605
baiba.birzniece@elg-corporate.com
European Lingerie Group AB (ELG) is a fully vertically integrated intimate apparel and lingerie group with main production located in the Baltics, Hungary and Germany and with sales worldwide in 46 countries and online. The Group produces fabrics for lingerie garments under the brand Lauma Fabrics and supplies leading lingerie manufacturers in Europe and rest of the world. The Group designs, manufactures and sells branded its own premium lingerie under the brands Conturelle, Felina and Senselle. ELG also owns Dessus-Dessous, the largest online retailer of lingerie and swimwear in France. The Group is headquartered in Stockholm, Sweden. More information available at www.elg-corporate.com.