Axxis Geo Solutions Announces Update on Reconstruction

Source: 3/16/2021, Location: Europe

Axxis Geo Solutions has announced the draft for the company reconstruction, as well as implications for the company, its creditors and other stakeholders.

Axxis will, after a successful reconstruction in line with the proposed plan, have a balanced financial position and good liquidity reserves to support continued operations. We have outlined the draft for the reconstruction and implication for the stakeholders, as part of the reconstruction process, and expect the plan to be ready for a creditor vote after Easter,' says Nina Skage, Board Member of Axxis and part of the reconstruction team.

Reference is made to the Stock Exchange Announcement 16 February 2021 regarding the decision to file for a court protected reconstruction of the company. The District Court of Asker and Bærum subsequently appointed attorney-at-law Mr. Jon Skjørshammer of Kvale Advokatfirma DA as Reconstructor and Chairman of the Debt Restructuring Committee, while Lars Erik Lærum and Svein Knudsen were appointed as members of the Creditors' Committee.

The company today outlines the draft for the company reconstruction:

- The proposed plan by the company involves a forced debt settlement of the company’s unsecured debt.

- Cash settlement in the range of 5-20% of the outstanding amount; final percentage to be determined.

- Creditors will have an option to convert their outstanding claim to shares in the company. The conversion price will be set to 0.5 NOK/share.

- Secured debt to Export Credit Norway is thought settled in full through a sale of Neptune Naiad and related equipment.

- Bond loan to the extent of the value of its pledged assets not to be included in the forced debt settlement.

- The proposed plan would be financed through raising new equity. There is a committed term sheet signed by a group of investors willing to inject USD 17-20 million into the company.

'The company has received an alternative proposal, which has been carefully considered by the company together with its advisers. Axxis considers the proposal not to be feasible due to a set of legal, commercial and financial reasons,' Skage concludes.

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