Brief: RNB's Subsidiaries Submit Draft Settlement Proposals

Coala-Life AB (publ)

01/07/2020 08:51

July 1 (Reuters) - Rnb Retail and Brands AB (publ)
 RNBS.ST :
    * RNB'S SUBSIDIARIES SUBMIT DRAFT SETTLEMENT PROPOSALS
    * SUBSIDIARIES BROTHERS AB, DEPARTMENTS & STORES EUROPE AB
OCH
POLARN O. PYRET AB HAVE TODAY PRESENTED TO STOCKHOLM'S DISTRICT
COURT PROPOSALS THAT COMPANIES WILL SUBMIT TO CREDITORS
    * SETTLEMENT THAT INVOLVES LARGE WRITE-DOWNS OF DEBTS WITH
CREDITORS
    * SETTLEMENT PROPOSALS MEAN SETTLEMENT OF SEK 10,000 AND 25
PER
CENT ON EXCESS AMOUNTS FOR SUBSIDIARIES' NON-PRIORITY
RECEIVABLES, I.E. WRITE-DOWN OF 75 PERCENT
    * REORGANISATIONS ARE EXPECTED TO LAST FOR ANOTHER PERIOD OF
3
MONTHS.
    * MORE THAN 40 PERCENT OF CREDITORS WILL BE PAID IN FULL
    * STOCKHOLM DISTRICT COURT IS EXPECTED TO MAKE A DECISION
ABOUT
SETTLEMENT PROPOSAL IN OCTOBER
    * INTRA-GROUP LIABILITIES WILL BE PAID ONLY AFTER SUPPLIERS,
LANDLORDS AND OTHER EXTERNAL CREDITORS HAVE BEEN PAID IN FULL
    * BROTHERS AB'S SALES IN STORES IN SWEDEN DURING MARCH-MAY
2020
AMOUNTED TO ABOUT 46 % VERSUS SAME QUARTER LAST YEAR

Source text for Eikon:  ID:nWkr5rXBH5 
Further company coverage:  RNBS.ST 

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