LUXEMBOURG
- Media
OutReach - 18 January 2021 - European TopSoho S.à r.l.
("Company") announces today further
information in relation to its €250 million 4% secured guaranteed bonds due
2021, exchangeable into shares of SMCP S.A. ("SMCP") (ISIN XS1882680645)
(the "Bonds"). Reference is also made to the Company's announcement made
on 7 January 2021 noting the receipt by it of a purported default notice (the "Notice")
from GLAS SAS ("GLAS") in respect of the Bonds.
The Company announces that it has today been
notified by Forever Winner International Development Limited ( 恆成國際發展有限公司 ), being the guarantor of the Bonds (the "Guarantor"), that commercial
settlement agreements were reached in respect of the Guarantor's disputes with
Hang Seng Bank Limited and Industrial Bank Co. Ltd. The Guarantor has confirmed
that such commercial settlement agreements were reached prior to the date of
the Notice ("Notice Date"). The Company is considering these
developments with its advisers. The Company has also today written to GLAS to
inform it of these developments and to request it to consider the Notice in the
light thereof.
The Company notes that an ad hoc group of
holders of the Bonds ("Ad Hoc Group") has formed in respect of the
Bonds. The Ad Hoc Group has raised concerns regarding the communication as
between the Company and the holders of the Bonds. In
order to address these concerns, the Company has appointed Perella Weinberg UK
Limited as its financial adviser and Linklaters LLP as its legal adviser to
assist it in dealings with the holders of the Bonds (including the Ad Hoc
Group) going forward. Contact details for the advisers are listed below:
* * * * * * *
Contacts
European TopSoho S.à r.l.:
Mandy Man ([email protected])
Perella
Weinberg UK Limited:
Clinton Ray ([email protected])
Linklaters LLP:
Bruce Bell ([email protected])
Richard O'Callaghan ([email protected])
Andrew
Payne ([email protected])
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