Brief: Helsinki District Court Approves Stockmann Restructuring Programme

Lindex Oyj

09/02/2021 11:34

Feb 9 (Reuters) - Stockmann Oyj Abp  STCBV.HE :
    * HELSINKI DISTRICT COURT HAS APPROVED STOCKMANN PLC'S
RESTRUCTURING PROGRAMME
    * BY 15 JANUARY , MORE THAN 90% OF PARTIES REPRESENTING ALL
RESTRUCTURING DEBTS HAVE SUPPORTED APPROVAL OF RESTRUCTURING
PROGRAMME
    * COMBINATION OF SHARE SERIES AND CONVERSION OF UNSECURED
RESTRUCTURING DEBTS AND HYBRID BOND DEBT.
    * COMPANY LAW MEASURES REQUIRED BY RESTRUCTURING PROGRAMME
WILL BE
DISCUSSED AT ANNUAL GENERAL MEETING ON 7 APRIL 2021.
    * COMPANY HAS EUR 433.5 MILLION IN SECURED RESTRUCTURING
DEBT
    * HAS ABOUT EUR 200.6 MILLION IN UNSECURED RESTRUCTURING
DEBT AND
EUR 108.1 MILLION IN LOWEST PRIORITY DEBTS BASED ON HYBRID BOND
DEBT,
    * FOR SOME CREDITORS, THERE WILL BE SEPARATE PROCESSES TO
CONFIRM
FINAL AMOUNT OF CREDITORS' RECEIVABLE.
    * DURATION OF PROGRAMME IS EIGHT YEARS.
    * PROGRAMME IS BASED ON COMPANY CONTINUING ITS DEPARTMENT
STORE
OPERATIONS IN ALL PRESENT DEPARTMENT STORES AND ONLINE SALES I
    * LINDEX'S OPERATIONS WILL CONTINUE AS A FIXED PART OF
STOCKMANN
GROUP
    * LINDEX'S CASH FLOWS CONTRIBUTE TO COVER PAYMENT
OBLIGATIONS
DISCLOSED IN RESTRUCTURING PROGRAMME.
    * WILL SELL REAL ESTATE ASSETS IT OWNS IN HELSINKI CITY
CENTRE,
TALLINN AND RIGA.
    * RECEIVED REALISATION RESULT OF COMPANY'S REAL ESTATE
ASSETS WILL
PRIMARILY BE USED TO PAY SECURED DEBTS.
    * NEGOTIATED NEW MARKET-BASED LEASE AGREEMENTS CONTAINING
SMALLER
PREMISES THAN IN PREVIOUS LEASE AGREEMENTS FOR ALL DEPARTMENT
STORES
    * ALTOGETHER 20% OF UNSECURED RESTRUCTURING DEBTS WILL BE
CUT
    * EPAYMENT SCHEDULE DISCLOSED IN RESTRUCTURING PROGRAMME HAS
BEEN
PREPARED FOR REMAINING 80%.
    * HALF OF HYBRID BOND LOAN LIABILITIES WILL BE CUT
    * REMAINING 50%, IF CREDITORS SO WISH, WILL BE CONVERTED
INTO
COMPANY'S B SHARES

Source text for Eikon:  ID:nWkr11H3kB 
Further company coverage:  STCBV.HE 

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