Intrum AB ("Intrum" or "the Company", and together with its subsidiaries, the "Group") today announces its emergence from the US Chapter 11 and the successful completion of its recapitalisation transaction, approved earlier this year via court proceedings in the US and Sweden (the "Transaction").
The Transaction successfully recapitalises the Group by rescheduling the maturities of its debt obligations, securing a 10 percent discount on its reinstated notes debt obligations, and providing new financing to support its business plan goals and de-lever via debt buybacks. With a stronger financial foundation, the Group is now even better positioned for future success and a continued shift towards a capital-light business model.
As previously reported, the Transaction received the overwhelming support of all creditor classes and key stakeholders in all relevant recapitalisation proceedings.
Andrés Rubio, CEO and President of Intrum, said:
"The closing of our recapitalisation is a testament to our team and a significant milestone for the future of our company. I would like to thank our Board, the Intrum leadership team, and all our employees for their perseverance and dedication to this process. We also thank our investors and bondholders for their continued confidence in the company.
"We have emerged as a stronger business with a capital structure that is aligned with our business plan. This will reinforce our position as an industry leader focused on improved client delivery and outcomes through increasing commercial efforts in servicing, continuing to make our operations more efficient and capitalising on the rollout of AI. We are looking ahead to future success as we continue to drive transformational change across all three strategic pillars: operational excellence, client focus, and our transition to a capital-light business model."
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)
Oscar Karlsson, Partner
Magnus Rydin Lemoine, Director
+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 Europe's leading provider of credit management services, operating in 20 markets. We support millions of individuals in achieving financial recovery whilst helping businesses to get paid. With a century of experience, around 9,500 employees serving 70,000 companies, Intrum enables sustainable payments by combining technology, empathy, and a human-centered approach. The company is headquartered in Stockholm, Sweden, and publicly listed on Nasdaq Stockholm. For more information, please visit www.intrum.com. |
