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Notice of written procedure for senior secured callable fixed rate bonds issued by Koggbron Projekt AB (publ) (the “Issuer”)

1 July 2019

The Trustee, acting in its capacity as Trustee for the Bondholders under the Terms and Conditions, hereby initiates a written procedure (the “Written Procedure“) whereby the Bondholders can approve or reject a proposal from the Trustee to enforce certain Transaction Security and waive an outstanding Event of Default under the Terms and Conditions. 

As previously communicated by the Trustee, the Sanden Properties (Helsingborg Sanden 4, 5, 12, 13 and 14) and the Järfälla Skälby Property (Järfälla Skälby 3:533)  (jointly, the “Properties”) that were owned by MI Andersson Fastighetsbolag AB (“MIAB”) and part of the Koggbron Projekt AB structure were intended to be sold and the proceeds applied to amortize on the Senior Bonds. However, prior to the disposal of the Properties it was noted that the Properties, in breach of the Terms and Conditions, have been moved out from MIAB to other companies controlled by owners of the Koggbron group, Thomas Melin and Johan Tungard. Consequently, the previous owner of the Properties, MIAB, has been left without any assets or income from the Properties and with debts which MIAB cannot repay, including a downstream loan of approximately 100 MSEK, which was granted by the Issuer to MIAB out of the proceeds from the Bond Issue (the “Downstream Loan”). There is currently, in the opinion of the Trustee, no likelihood of the Properties being sold on a voluntary basis in a foreseeable future.

You can find the notice of written for the SEK bonds here

You can find the notice of written for the NOK/USD bonds here

Best regards,

Kristofer Nivenius

As Trustee

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