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RNB RETAIL AND BRANDS: RNB instigates a written procedure to approve composition proposal in certain subsidiaries

RNB RETAIL AND BRANDS AB (publ) (the "Company") has earlier, through a pressrelease on

1 July 2020, announced that its subsidiaries, Departments & Stores Europe AB Reg. No. 556541-8778, Polarn O. Pyret Aktiebolag Reg. No. 556235-7383 and Brothers AB, Reg. No. 556513-6826 (the "Subsidiaries") at Stockholm District Court have presented a composition proposal to the creditors (the "Composition Proposal"). According to the Composition Proposal the non-priority claims towards the Subsidiaries shall be reduced with 75 per cent.

In accordance with Clause 11.3 of the terms and conditions of the Company's outstanding notes with ISIN SE0010625830, each of the Subsidiaries have provided guarantees, as a debt of its own (Sw. proprieborgen) for the punctual performance by the Issuer to the noteholders of all present and future payment obligations and liabilities under the notes (the "Guarantees"). Further, pursuant to a loan pledge agreement dated 30 June 2020 the Issuer has granted security over loans granted by the Issuer to the Relevant Subsidiaries (the "Pledged Loans"). Pursuant to the Composition Proposal the Guarantees and the Pledged Loans shall be subject to the same proposed reduction as other non-priority claims, meaning that the amount of the Guarantees and the Pledged Loans will be reduced by 75 per cent. According to the Composition Proposal the existing Pledged Loans for the time being may remain outstanding to support the liquidity of the Subsidiaries.

In order to obtain acceptance of the Composition Proposal the Company requests the noteholders' approval of the Composition Proposal. Therefore the Issuer instigates a written procedure to resolve on the noteholder's approval of the Composition Proposal and to authorise the agent to vote for the Composition Proposal on behalf of the noteholders.

For a full description of the proposal, please see the "Notice of the Written Procedure" published today on the Companys' website.

Source: Cision
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