To the bondholders in senior secured bonds with ISIN NO 001 0865504 (NOK Bonds) and ISIN NO 001 0865470 (SEK Bonds) (the “Bonds”) issued by Filago Prosjekt Holding 1 AS (the “Issuer”) on September 29 2017

Intertrust (Norway) AS (the “Trustee) is acting as Trustee on behalf of the Bondholders under the terms and conditions relating to the Bonds dated 29 September 2017 (the “Terms and Conditions”).

The bankruptcy proceedings was opened in the Issuer on 1 October 2019. The administrator is currently in the process of terminating the estate of Filago, which includes Filago AS, Gran, Tjøme and Project Holding. The bankruptcy proceedings are expected to be terminated in August/September 2022. The Trustee has received the settlement from the enforcement sale of the pledged assets of the Issuer. At the end of the bankruptcy proceedings, a settlement of costs will be made where any dividends from the pledged assets will be returned to the pledgor. The administrator has done a forced sale of the pledged properties, and has so far received NOK 9.592.346,35 before any deductions has been made. The Trustee does not believe that there will be dividends to the bondholders in connection with the termination of the bankruptcy proceedings, due to the costs associated with VPS and administration costs for the bank. The Trustee will therefore wait with the dividend distributions to the bondholders until the bankruptcy proceedings has been terminated, where the Trustee will make a final calculation of the possible dividends to the Bondholders.

Den 1. oktober 2019 ble det åpnet konkurs i Utsteder. Det arbeides med å avslutte bobehandlingen i Filago, som inkluderer Filago AS, Gran, Tjøme og Prosjekt Holding. Boene forventes å kunne tas opp til slutning i august/september 2022. Ved avslutning av konkursbehandlingen i boene vil det foretas en avregning av kostnader, og overskytende legalpant vil bli tilbakeført til panthavere. Boet har tvangssolgt eiendommene, hvor det foreløpig er innkommet NOK 9.592.346,35 i salgsproveny som skal utbetales etter at kostnader er trukket fra. Det vil neppe tilkomme noe særlig mer av midler til obligasjonseierne i forbindelse med at boet avsluttes, da det er tilknyttet relativt store kostnader til VPS og til bank for utbetaling til Obligasjonseierne. Tillitsmannen avventer med å utbetale nettoprovenyet etter salget av eiendommene frem til endelig sluttsum foreligger så snart boet er gjort opp. Tillitsmannen vil således foreta endelig beregning av midler til utdeling til Obligasjonseierne så snart bobehandlingen innstilles.

For further information, please contact:

Trustee:

Andreas W. Hennyng
Intertrust (Norway) AS
[email protected]
+47 971 87 151