RNB RETAIL AND BRANDS AB (publ) (the "Company") instigates a written procedure (the "Written Procedure") for the notes with ISIN SE0010625830 (the "Notes") in order to waive certain provisions in the terms and conditions of the Notes (the "Terms and Conditions").
Earlier today, the Company announced, by way of a press release, that it has reached an agreement with NK Retail AB for the sale of the assets in Departments & Stores for a preliminary value of SEK 58 million (the "Transaction"). The Transaction is expected to close on 3 February 2021, subject to the approval from the holders of the Notes (the "Noteholders").
The purpose of the Written Procedure is to, inter alia, waive any event of default which may occur as a result of the Transaction and to obtain the Noteholders confirmation of Departments & Stores and Polarn O. Pyret´s payment of the composition settlements.
For a full description of the waiver request and the confirmation subject to the Written Procedure, please see the "Notice of the Written Procedure" published on the Companys´ website today.