Brief: Cyber Security 1: Court Approves Debt Write-Down, Ends Company Reconstruction

Cyber Security 1 AB

08/06/2021 07:07

June 8 (Reuters) - Cyber Security 1 AB  CYB1.ST :
    * SAID ON MONDAY STOCKHOLM DISTRICT COURT HAS DECIDED TO
ADOPT
COMPULSORY COMPOSITION AGREEMENT WITH 75% DEBT WRITE-DOWN AND TO
END COMPANY RECONSTRUCTION IN CYBER 1
    * AT COURT HEARING, SUBORDINATED CREDITORS VOTED IN FAVOUR
OF CO'S
COMPOSITION PROPOSAL TO WRITE DOWN RELEVANT SUBORDINATED DEBT
WITH 75%
    * REMAINING 25% OF RELEVANT DEBT SHALL BE PAID NO LATER THAN
12
MONTHS FROM DATE WHEN COMPULSORY COMPOSITION AGREEMENT GAINS
LEGAL EFFECT
    * WRITE-DOWN AMOUNT WILL BE ABOUT EUR 14.2 MLN AND TOTAL OF
ABOUT
EUR 4.7 MLN IS TO BE PAID WITHIN ONE YEAR AS DIVIDEND TO
CREDITORS
    * BASIS FOR COURT'S DECISION TO END RECONSTRUCTION
PROCEEDINGS IS
THAT PURPOSE OF THEM SHALL BE DEEMED FULFILLED UPON ADOPTION OF
COMPOSITION PROPOSAL
    * COURT DECISION TO ADOPT THE COMPULSORY COMPOSITION
AGREEMENT AND
TO END COMPANY RECONSTRUCTION PROCEEDINGS GAINS LEGAL EFFECT
THREE WEEKS FROM MONDAY, SUBJECT TO APPEAL

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nMFN1W8Xwn
 Further company coverage:  CYB1.ST  
    

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