Brief: District Court Accepts Settlement Proposal From RNB Retail And Brands Units

Coala-Life AB (publ)

16/10/2020 13:18

Oct 16 (Reuters) - Rnb Retail and Brands AB (publ)
 RNBS.ST :
    * STOCKHOLM DISTRICT COURT HAS ACCEPTED THE SETTLEMENT
PROPOSAL
PUT FORWARD BY THE SUBSIDIARIES OF RNB RETAIL AND BRANDS AB
(PUBL)
    * DECISION BY STOCKHOLM DISTRICT COURT ENTAILS THAT
CORPORATE
REORGANIZATION, THAT BEGAN ON MARCH 23, 2020, WILL END WHEN ONCE
DECISION BECOMES LEGALLY BINDING
    * CREDITORS ALSO ACCEPTED PROPOSAL
    * CORPORATE REORGANIZATION IS EXPECTED TO BE COMPLETED ON
NOVEMBER
6, AFTER WHICH COMPANIES CAN RETURN TO NORMAL PAYMENT TERMS
    * SETTLEMENT PROPOSAL ACCEPTED BY STOCKHOLM DISTRICT COURT
MEANS
THAT CREDITORS WILL RECEIVE PAYMENT FOR RECEIVABLES UP TO SEK
10,000 AND 25 PER CENT ON EXCESS AMOUNTS FOR SUBSIDIARIES'
NON-PRIORITY RECEIVABLES

Source text for Eikon:  ID:nWkr5nkd5B 
Further company coverage:  RNBS.ST 

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