As outlined in notice number 75 on 5th November 2010 to the OMX Nordic Exchange Copenhagen, the Company has previously received a stand-still letter from the Senior Bank, where the Senior Bank states that they until the 13th January 2011 will not take action with respect to the loan-to-value breach.
The Company has now from the Agent of the Senior Loan received an extension until 25th February 2011. During this period the Senior Loan cannot be terminated due to non-compliance of the loan-to-value condition. The Agent has informed that all lenders in the syndicate have agreed on the extension of the stand-still until 25th February 2011.
The Company is still in a positive ongoing dialogue with the Senior Bank with respect to finding a solution to the loan-to-value breach. The Board of Directors still expects that a solution can be found and presented for approval at a bondholders meeting at a later date.
The Board of Directors
Please address questions relating to this Notice to Chairman Ole Vagner on telephone +45 40254113 or via e-mail ole@vagner.dk.
Further information about Kefren Properties IX AB is available on the Company’s website, www.kefren.se.
