Intrum AB today filed a petition to initiate a Swedish Company Reorganisation and its application was approved by the Stockholm District Court. The order relates only to the listed parent company of the Intrum group, Intrum AB, and not any of its subsidiaries. The Swedish company reorganisation forms an important next step in the implementation of Intrum's Recapitalisation Transaction.
Unless given a different meaning in this press release, terms defined in the press releases from July to December 2024 have the same meaning when used herein.
As part of the implementation of the Recapitalisation Transaction, Intrum AB ("Intrum" and together with its subsidiaries, the "Group") and its debtor affiliate, Intrum AB of Texas LLC, initiated Chapter 11 proceedings on 15 November 2024, in accordance with the US Bankruptcy Code at the United States Bankruptcy Court for the Southern District of Texas (the "Texas Court"). On 31 December 2024, Intrum's Chapter 11 reorganisation plan was confirmed by the Texas Court. The Swedish company reorganisation is an important next step to implement the Recapitalisation Transaction. During the Swedish company reorganisation, the Chapter 11 proceedings remain ongoing, and the automatic stay and the relief granted in the Chapter 11 proceedings remains effective. The effectiveness of the Chapter 11 reorganisation plan is conditional upon, amongst other things, the consummation of the Swedish company reorganisation.
Mikael Kubu at Ackordscentralen has been appointed administrator for the company reorganisation by the Stockholm District Court. Intrum expects to complete the Swedish company reorganisation during H1 2025, subject to achieving required voting thresholds and approval by the Stockholm District Court.
During the Swedish reorganisation process, Intrum will remain in possession and control of its assets, retain its existing management team and board of directors, and plans to continue to conduct its ordinary business operation in all material aspects with no disruption of service, as was the case during the Chapter 11 proceedings. Intrum has sufficient liquidity to support the Group's continued operations and execute on its business plan throughout the Swedish reorganisation process and will continue to fulfill its financial obligations in the ordinary course of business without interruption, with maximum focus on delivering the best possible service to its clients and customers.
Contact details
Kroll Issuer Services (as Information Agent): intrum@is.kroll.com
Houlihan Lokey (as advisers to Intrum): intrum@hl.com
Media Inquiries:
Brunswick Group (as advisers to Intrum):
Simone Selzer, Partner
Freya Semken, Director
+44 (0) 20 7404 5959
Oscar Karlsson, Partner
Hedda Söderström, Associate
+46 (8) 410 32 180
intrum@brunswickgroup.com
DISCLAIMERS
This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be treated as providing investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.
No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained in this press release. Neither the Group nor any of its advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this press release or its contents.
This press release may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as "believe", "expect", "anticipate", "may", "assume", "plan", "intend", "will", "should", "estimate", "risk" and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements reflect the Group's current expectations, intentions or forecasts of future events, which are based on the information currently available and on assumptions made by the Group.
The forward-looking statements and information contained in this announcement are made as of the date hereof and the Group is under no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws. All subsequent written or oral forward-looking statements attributable to the Group, or persons acting on the Group's behalf, included in but not limited to press releases, reports and other communications, are expressly qualified in their entirety by the cautionary statements contained throughout this press release.
About Intrum
| Intrum is the industry-leading provider of Credit Management Services with a presence in 20 markets in Europe. By helping companies to get paid and supporting people with their late payments, Intrum leads the way to a sound economy and plays a critical role in society at large. Intrum has circa 10,000 dedicated professionals who serve around 80,000 companies across Europe. In 2023, income amounted to SEK 20.0 billion. Intrum is headquartered in Stockholm, Sweden and publicly listed on the Nasdaq Stockholm exchange. For more information, please visit www.intrum.com. |
