European Lingerie Group AB informs on new terms of the Standstill Agreement

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European Lingerie Group AB (“ELG” or “Company” and together with its subsidiaries from time to time, the “Group”) has previously announced that on 29 July 2020, ELG and its principal shareholders reached a standstill agreement and signed a standstill letter (“Standstill Letter”) with certain holders of the Bonds, today representing over 60 per cent of the Total Nominal Amount of the Bonds (the “Bondholder Committee“), regarding ELG’s defaults under the Terms and Conditions and also announced a cooperation between ELG and the Bondholder Committee to explore and execute a potential restructuring of the Group and the Bonds, with regard to the terms and conditions (the “Terms and Conditions“) for ELG’s up to EUR 60,000,000 senior secured floating rate bonds due 2021 with ISIN SE0010831792 (the “Bonds“). Capitalised terms used but not defined herein shall have the meanings assigned to them in the Terms and Conditions. More information regarding the terms of the Standstill Letter can be found in ELG’s press release from 30 July 2020. On 16 October 2020, 21 January 2021 and 19 February 2021, respectively, the Company informed that the standstill period is prolonged due to the ongoing restructuring process.

ELG hereby informs that the standstill period is further extended to accommodate the investment process deadlines with a requirement to sign a binding investment agreement by the end of March 2021 and full closing of transaction by the end of May 2021 at the latest, however with target to close by mid May 2021.

The amendments, extensions and waivers above are subject to the Group’s and principal shareholders’ continued cooperation with the Bondholder Committee for finalization of the investment process. The standstill period may be further extended or, if certain conditions of the standstill agreement are not met, lapse prior to the end of the agreed period.

Furthermore, because of the ongoing restructuring process, ELG hereby informs that the Bonds will not be repaid on 31 March 2021, which is the extended maturity date in the system kept by the central securities depository and registrar in respect of the Bonds, Euroclear Sweden AB, to correspond with the period to close the transaction under the Standstill Letter. Accordingly, the Company will also prolong the listing of the Bonds on Nasdaq Stockholm to correspond with the period to close the transaction under the Standstill Letter.

This information is information that European Lingerie Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 10:45 CET on 23 March 2021.

For more information, please contact:

Baiba Birzniece
Head of M&A, Strategy and Investor Relations
European Lingerie Group AB

+371 2609 4605


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

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