CLOSE

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

Our services

Corporate Client Services

Operating internationally can be challenging. You need a partner who understands local rules, culture and customs and how they affect legal and regulatory requirements. That’s where we come in.

Can't find what you're looking for?

View all corporate client services

Private Capital & Hedge Funds Services

We differentiate our global leading fund services through our geographical spread, domain strength, technology offering and depth of services.

Can't find what you're looking for?

View all private capital & hedge fund services

Capital Markets

As capital markets evolve across the globe, you need a bespoke approach from a service provider with a genuine understanding of how markets are changing.

Can't find what you're looking for?

View all capital markets services

Private Wealth

By understanding the importance of long-term relationships built around trust, we aim to truly understand your values. We’re your partner to help you protect, preserve and plan for the future.

Can't find what you're looking for?

View all private wealth services