Park Street

Capital/Financing Update • Jun 16, 2017

København, 2017-06-16 14:58 CEST (GLOBE NEWSWIRE) --

The restructuring of Park Street Nordicom A/S is making progress.

As outlined at the Annual General Meeting and the Annual report, the steps in
the restructuring plan include:

-- Renegotiation of financing terms with all key financial creditors
-- Completion of merging subsidiary entities into Park Street Nordicom A/S
-- Recapitalisation – involving debt conversion and capital injection.

We have now received finalised term sheets for refinancing and restructuring of
existing facilities into long term debt from all key financial creditors. The
terms are still subject to final internal credit committee approval of the
respective key creditors. This creditor group represents 81% of the existing
debt. As stated in the 2016 Annual Report, 14% of the total financial debt was
renegotiated in Q1 2017. There remain some uncertainties with creditors
representing 5% of the debt where discussions are ongoing and with respect to
the final internal credit committee approvals of the key creditors.

The result of the negotiations is in line with the EBVAT expectations for 2017
outlined in the 2016 Annual Report and the expected timeline for concluding the
restructuring.

Statement from CEO Pradeep Pattem: “Restructuring of the existing financial
debt remains one of the key barriers to getting the company on path to become a
sustainable real estate company. While the current agreement is an important
milestone, we need to now focus on several significant steps in implementing
the restructuring terms and operational changes required to create value with
the company’s existing property portfolio and identify future investment
opportunities. We highly appreciate the effort and commitment shared by our key
financial creditors and hope to conclude the discussions in the same spirit
with the remaining creditors.”

Andrew La Trobe Pradeep Pattem

Chairman CEO