Capital/Financing Update • Jun 27, 2019
Capital/Financing Update
Open in ViewerOpens in native device viewer
Storm Real Estate ASA - Conditional agreement with Swedbank AB
Oslo, 27.06.2019. Reference is given to the public announcement published on 10 June 2019, where the company informed that it had signed a short-term agreement with Swedbank AB, containing new loan covenants.
The company has today signed a conditional agreement with Swedbank AB and Aconcagua Management Ltd that outlines a long-term financial solution where the company will seek to refinance a share of the current debt to Swedbank in another bank. The remaining part of the debt will then be sold to Aconcagua Management Ltd. Aconcagua Management Ltd is the largest shareholder in Storm Real Estate ASA and is owned by Morten E. Astrup. The agreement is conditional upon achieving satisfactory terms on the financing from the other bank.
The agreement will automatically lapse at the latest on 31 August 2019 if the conditions in the agreement are not met.
The board has initiated measures to ensure equal treatment of the shareholders.
If completed, it is likely that the company has a financial fundament to continue operating.
For more information, please contact:
Kristoffer Holmen, interim general manager
Phone: +4792814862
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.