Update on legal claim
Reference is made to the stock exchange notice on 13 October 2020, where Ice Group ASA (ICE) disclosed that GoldenTree Asset Management LP (GoldenTree) had submitted a statement of claim (Nw.: stevning) to Oslo District Court against ICE’s subsidiary AINMT Holdings AB (AINMT). As set out in the stock exchange notice, GoldenTree sought a judgement that AINMT breached its loan agreement with GoldenTree 14 times, and that the lenders are entitled to an increase in the interest rate of 5 percentage points for each breach.
In a pleading 12 April 2021, GoldenTree has agreed to refer the dispute to mediation, which will take place in June 2021. If the dispute is not solved through mediation, it will be heard by the District Court in September 2021.
In the same pleading, GoldenTree has expanded its claim to include 6 additional alleged breaches (3 of these alleged breaches consisting of not informing GoldenTree of the alleged breaches) connected to Ice Group Scandinavia Holdings AS’ refinancing of its NOK 1,400 million senior secured bond, arguing that the lenders are entitled to an increase in the interest rate of 5 percentage points for each alleged breach.
In ICE's opinion there is no merit to any of GoldenTree's claims that the loan agreement has been breached, including the expanded claim, and ICE will vigorously oppose all GoldenTree's allegations to the contrary.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
- Eivind Helgaker, CEO, +47 958 83 035