The Company has for some time been in discussions with its largest Bondholders, who has established an unofficial bondholder committee representing in excess of 2/3 of the total Outstanding Bonds, with the objective of finding an acceptable long-term solution for restructuring the debt on the Company’s balance sheet. The discussions are progressing, however, no solution has yet been agreed with the Bondholders.

The Company needs to preserve cash and as an interest payment of USD 3.75 million (the “Interest Payment”) falls due on 4 September 2020, the Company proposes that the Interest Payment is retained in the Retention Account, pledged and blocked in favour of the Bond Trustee on behalf of the Bondholders. The Company further proposes that this amount shall be part of the restructuring plan to be agreed with the Bondholders in due course.

Based on the above, the Issuer has resolved to request the Bond Trustee to summon a Written Resolution to propose that the Bondholders agree the following (the «Proposal»):
(i) that the Interest Payment shall not be made, but retained in the Retention Account;
(ii) to waive any Event of Default that may arise solely as a consequence of the failure by the Issuer to make the Interest Payment; and
(iii) that no interest nor default interest will accrue on the overdue Interest Payment.