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Hancap AB (publ) – Information from the Trustee about non-payment

4 April 2023

To holders of the senior secured fixed rate bonds issued by Hancap AB (publ) (the “Issuer”), with ISIN: NO 0010769276 (SEK), NO 0010769284 (NOK) and NO 0010769292 (USD), originally dated 10 October 2016 as amended and restated on 18 July 2017, 14 December 2017 and 30 April 2019 (the “Bonds”).

We refer to the second written procedure initiated by the Issuer which was approved by the Bondholders on 16 March 2023. A requisite majority of the Bondholders voted in written procedure to approve that the Issuer would make a final payment of under the Bonds of SEK 10,000,000, which would be distributed pro rata among all Bondholders that hold Bonds on the relevant redemption date, being the date, which will occur no later than 31 March 2023. 31 March 2023 the Issuer has informed the Trustee that it has not been able to make the final payment. Given that the precondition for the cancellation, i.e. the making of the final payment, has not been fulfilled, no amendments to the Terms and Conditions for the Bonds have been made and such are still valid with a continuing Event of Default.

Bondholders can either instruct the Trustee to initiate bankruptcy proceedings against the Issuer, including enforcement of the personal guarantee provided by the main owner Per Helander or await the new written procedure, which according to the Issuer should be instigated within short. If the Bondholders instruct the Trustee to initiate various legal proceedings financing for these proceedings must be secured. Any Bondholder wishing to create a Bondholders’ Committee to lead the discussions on handling of the situation may contact the Trustee to facilitate the formation of such committee.

Intertrust (Sweden) AB as Trustee                       

Kristofer Nivenius

Email: [email protected]

20230404 Hancap information from the Trustee

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