Proposed restructuring of Aligera Holding AB (publ): status update

On 29 January 2018, Aligera Holding AB (publ) (the “Company”) announced that the Company had been declared bankrupt and on 26 January 2018, the Company announced, inter alia, the main principles for a proposed restructuring plan agreed on between a group of the larger holders (the “Bondholder Committee”) of the Company’s SEK 500,000,000 senior secured bonds (ISIN SE0005933231) (the “Bonds”).

Since the press release on 26 January 2018, the Bondholder Committee has been working intensely in close cooperation with Nordic Trustee & Agency AB (publ), the agent under the terms and conditions of the Bonds (the “Agent”) and the bankruptcy trustee of the Company to investigate and set the final proposed restructuring plan that will be subject to a written procedure.

Since the Company was declared bankrupt on 29 January 2018, the bankruptcy trustee of the Company has, inter alia, taken control over the operating companies (i.e., the wholly owned subsidiaries of the Company) and is also in discussions with a member of the Bondholder Committee in order to procure a bridge facility needed for liquidity purposes of the operating companies until the restructuring is completed. The intention is that this bridge facility will be rolled over into the SSF (see below) once the restructuring is completed.

The proposed restructuring plan includes, inter alia, a super senior loan (the “SSF”) to fund the business of the operating companies, to safeguard the solvency of these companies and allow necessary capex investments for maintenance and repairs on the turbines. According to the restructuring proposal communicated on 26 January 2018, holders of Bonds with a holding above MSEK 20 would be offered to participate in the SSF pro rata to their holding of Bonds. After discussions with the Agent and feedback from other holders, the Bondholder Committee has decided to amend this part of the restructuring proposal and all holders of Bonds will be invited to participate in the SSF pro rata to its holding of Bonds. Subscription to the SSF will be subject to (a) proof of holdings on the relevant record date as well as (b) signing of a lock-up agreement alongside the Bondholder Committee. The lock-up agreement will include, inter alia, a commitment to the restructuring plan, transfer restrictions in relation to the Bonds held and an undertaking to vote in favour of the restructuring plan in the written procedure.

The details of the final proposed restructuring plan, including information on the lock-up agreement and the term sheet for the SSF will be communicated within the coming weeks. The written procedure is intended to be initiated by end of February 2018.

This press release has been communicated on the initiative of the Bondholder Committee.

For further information, please contact:

Nordic Trustee & Agency AB (publ)
Christoffer Andersson, CEO
Telephone: + 46 8 783 79 00
E-mail: sweden@nordictrustee.com

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