Intrum AB (“Intrum” or “the Company”, and together with its subsidiaries, the “Group”) today announces the reorganisation plan (the “Reorganisation Plan”) for its Swedish company reorganisation. The Reorganisation Plan sets out certain key terms of Intrum’s Recapitalisation Transaction, consistent with the previously confirmed Chapter 11 plan. The Reorganisation Plan was distributed to all affected creditors today. Intrum will now request that the Stockholm District Court (the “Court”) initiate plan proceedings for a vote on the Reorganisation Plan.
Unless given a different meaning in this press release, terms defined in the press releases from July 2024 to March 2025 have the same meaning when used herein.
In order to implement Intrum’s Recapitalisation Transaction, on 8 January 2025 the Company applied for Swedish company reorganisation. The application was successfully approved by the Court on the same date and subsequently confirmed by the Court following a creditors’ meeting held on 24 January 2025.
Today the Reorganisation Plan was distributed to all affected creditors, marking the next step as Intrum progresses with its reorganisation. Intrum will now request that the Court opens plan proceedings, including the scheduling of a plan meeting. All affected creditors will have the opportunity to vote on the Reorganisation Plan at the plan meeting.
The plan meeting is expected to be held within three to five weeks. The exact date of the plan meeting will be determined by the Court and announced by Intrum via a separate press release and published on Intrum’s website https://www.intrum.com/press/ in due course. Intrum will also announce clear instructions how affected creditors can participate and vote at the plan meeting. Locked-up creditors already supportive of the Recapitalisation Transaction are bound to reconfirm their support by voting in favour at the plan meeting.
The Reorganisation Plan and related documents are available on Intrum’s website https://www.intrum.com/recapitalisation/intrum-s-recapitalisation-process/.
The debt settlement proposed in the Reorganisation Plan is substantially aligned with the plan of reorganisation confirmed as part of Intrum’s Chapter 11 proceedings in the United States (the “Chapter 11 Plan”). As further described in the Reorganisation Plan, the plan proposes reorganisation measures affecting all of Intrum’s RCF-lenders, Intrum’s senior secured term loan lender and all of Intrum’s Noteholders.
The confirmation of the Reorganisation Plan by the Court is a condition precedent to the effectiveness of the Chapter 11 Plan. The Recapitalisation Transaction, including the reorganisation measures proposed in the Reorganisation Plan, will be implemented once the conditions precedent to the occurrence of the Effective Date (as defined in the Chapter 11 Plan) have been satisfied or waived in accordance with the Chapter 11 Plan. Intrum aims to finalise its restructuring proceedings in both Sweden and the United States and fulfil all remaining conditions to the transaction during H1 2025.
As previously communicated, 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.
Further information
For further information on Intrum’s Swedish company reorganisation, please contact the Information Agent, Kroll Issuer Services Limited at intrum@is.kroll.com or via https://deals.is.kroll.com/intrum
Further details of Intrum’s Chapter 11 cases can be found at the following website:
https://cases.ra.kroll.com/IntrumAB
The Chapter 11 cases relate to, amongst other debt instruments, the senior unsecured notes and MTNs due from 2025–2028 with the following identifiers: XS2211136168 / XS2211137059; XS2034925375 / XS2034928122; XS2052216111 / XS2052216202; XS2566292160 / XS2566291865; SE0013105533; SE0013105525; SE0013104080; SE0013360435; XS2093168115.
For further information on the Recapitalisation Transaction, please contact Houlihan Lokey, who act as financial advisers to Intrum, at the email address below.
If you experience any issues in accessing the website, please contact the Information Agent at the email address below.
Contact details:
Kroll Issuer Services Limited (as Information Agent): intrum@is.kroll.com
Houlihan Lokey (as advisers to Intrum): intrum@hl.com
Media Inquiries:
Brunswick Group (as advisers to Intrum):
Oscar Karlsson, Partner
Magnus Rydin Lemoine, Director
+46 (8) 410 32 180
Simone Selzer, Partner
Freya Semken, Director
+44 (0) 20 7404 5959
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.