Brief: Otello Corporation: Vewd Litigation Update

Otello ASA

14/07/2021 07:40

July 14 (Reuters) - Otello Corporation ASA  OTELLO.OL :
    * VEWD LITIGATION UPDATE
    * WE HAVE BEEN INFORMED OF RESIGNATION OF THREE MEMBERS OF
SPECIAL
COMMITTEE.
    * SPECIAL COMMITTEE MEMBERS HAVE GIVEN AS THEIR REASON FOR
RESIGNING,
    * IMPLICATIONS OF THESE ACTIONS ARE NOT YET CLEAR,
    * WILMINGTON TRUST, ON BEHALF OF LENDERS, HAS ACCELERATED
LOANS
AND EXERCISED CERTAIN RIGHTS AND REMEDIES
    * REASON PROVIDED BY LENDERS FOR EXERCISING RIGHTS AND
REMEDIES
WAS TO PRESERVE VALUE OF BUSINESS,
    * ENGLISH COURT ORDER REQUIRING ESTABLISHMENT OF SPECIAL
COMMITTEE
REMAINS IN FORCE

Source text for Eikon:  ID:nObiW5xcca 
Further company coverage:  OTELLO.OL 

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