Sunborn (Gibraltar) Limited – Company preparing a Written Procedure

Sunborn Gibraltar Ltd  (the "Company") acknowledges the Notice of Event of Default issued by Nordic Trustee & Agency AB, the appointed bondholders' agent, concerning the breaches of  financial covenants under Terms and Conditions of the Up to EUR 60,000,000 Senior Secured Floating Rate Bonds 2017/2024 (the "Bonds").

The Company has informed previously about breaching Terms and Conditions in press release, quarterly reports and compliance certificate and has also stated that the defaulted interest payment will be executed imminently while it is continuing strategic overview and discussions with bondholders to agree on certain waivers and process to refinance the Bonds. Consequently, the agent has refrained from taking actions concerning the outstanding Events of Default, while awaiting the payment on the pending interest and outcome of these negotiations.

The Company is discussing with bondholders the main principles of a Written Procedure addressing, between other topics, the referred breaches of covenants.

For further information, please contact:

Hans Niemi, CEO
Telephone: +358 (0)24454513
Email: hans.niemi@sunborn.com

 

Information:

This information is information that Sunborn (Gibraltar) Limited 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 above, at 15:00 CEST on 20 June 2024.