October 2, 2020 | 13:00 CEST
Starbreeze AB (publ) ("Starbreeze") will, in accordance with the reorganization plan and the composition proposal which was affirmed by the Stockholm District Court on December 6, 2019, complete its first payment to parts of the creditor's collective during the third quarter.
"Through the repayment, we take a step further to fulfill our obligations to our creditors according to plan, and at the same time reduce our long-term liabilities, resulting in lower ongoing financial costs. We continue to work with debt reduction to strengthen our long-term financial position," says Mats Juhl, CFO at Starbreeze.
Starbreeze's creditors have been divided into four groups: (i) Nordea, (ii) Smilegate, (iii) Supplier Creditors and (iv) Smaller supplier creditors. All creditors will receive payment in full of their debts, but within different timeframes depending on the group to which the creditor belongs. Payments made over the autumn 2020 will result in all Supplier Creditors and Small Supplier Creditors receiving full repayment, and approximately 50% of Nordea's debt being amortized. As previously communicated, payments are made with proceeds from the rights issue and to some extent cash.
Starbreeze will in the next few days send letters to creditors who have chosen to receive a repayment within five years with information that funds will be received shortly. Creditors in the Supplier Creditors category and Small Supplier Creditors who have chosen to obtain repayment within a fixed period of 1 year after the agreed composition will be paid during the fourth quarter.