Floatel International Ltd.: Update regarding standstill extension and discussion with secured financial creditors

The Company remains in constructive negotiations with its key stakeholders, including all lenders under the credit facilities and an ad hoc committee of holders of 1 L Bonds (the “AHC”). The Forbearance Agreement with the AHC has now been extended until 15 September 2020.
The payment agreement with the Lenders, where certain expenses in respect of Floatel Endurance and the banks’ collateral companies are covered by proceeds in the blocked accounts, has lapsed in accordance with its terms. Constructive discussions continue with the Lenders on an extension.
The vessels, which are on charter continue to operate as normal and it is business as usual for the Group’s operations.

See attached press release for further details.

For further information, please contact:
Peter Jacobsson, CEO, Floatel International AB – Tel: + 46 31 352 07 00;
Mob: +46 76 856 36 18
Tomas Hjelmstierna, CFO, Floatel International AB – Tel: + 46 31 352 07 00;
Mob: +46 70 261 09 01