Moses Lake, WA, November 18, 2020: Reference is made to the announcement from REC Silicon ASA (the "Company") of 20 December 2019. As set out therein, the Company received in December 2019 a claim of NOK 150 million (the "Claim") from Nordea under an indemnification loan from Nordea related to the bankruptcy of a former subsidiary in 2012. The relevant bankruptcy estates have not yet been concluded. Nordea's Claim is based on an assumption from Nordea that its loss will exceed said amount when the estates are concluded.
REC Silicon has now received a writ of summons (no: "stevning") which Nordea has taken out before the Asker and Bærum District Court, for payment of the Claim.
The status of the Claim, including whether or not it may be time-barred in whole or in part, continues to be subject to uncertainty. The Company will, together with its advisors, consider the Claim and its basis, and revert with further information as the process progresses.
For further information, please contact:
James A. May II, Chief Financial Officer
Phone: +1 509 989 1023
Email: james.may@recsilicon.com
Nils O. Kjerstad IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine over 30 years of experience and proprietary technology with the needs of our customers, with annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Lysaker, Norway.
For more information, go to: www.recsilicon.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.