Reference is made to the stock exchange notice on
February 27th 2012 regarding an update on Blom ASA's
("Blom" or the "Company") financial situation and the
report for the 4th quarter 2011 dated February 29th
2012 where Blom stated that its equity at year end
2011 was lost, and negative by NOK 194m.
Blom has for some time been in dialogue with a
bondholder committee (the "Bondholders"), who in
total controls 63.5% of Blom's NOK 300 m bond loan.
There have been discussions on a process to
strengthen the capital structure of the company by
increasing the equity ratio. The bondholders are
prepared to participate in this process, in order to
re-establish a sound balance sheet and secure
sufficient liquidity for the company to follow its
normal business plans.
A majority of the bondholders, including
Folketrygdfondet and other large bondholders, are
represented on the bondholder committee and are
prepared to vote for a resolution in the bondholders
meeting that will secure an orderly restructuring of
Blom's balance sheet, including a possible conversion
of debt to equity.
The Board of Directors in Blom views the commitment
from the Bondholders as an important step towards a
successful restructuring of the Company, and will
summon an extraordinary shareholders meeting in order
to follow up on these initiatives.
For further information please contact:
Dirk Blaauw, CEO Blom ASA, at tel: +47 22 13 19 23 or
Lars Bakklund, CFO Blom ASA, at tel: +47 22 13 19 34