Floatel International Ltd: Update regarding standstill extension and discussions with secured finanacial credtors

The Company remains in negotiations with its key stakeholders, including all lenders under the credit facilities and an ad hoc committee of holders of 1L Bonds (the “AHC”). The Company is due to make coupon payments under the Bonds in the total amount of USD 22,781,250 (the “Relevant Payments”), which the Company will not make at the present time. On 14 April 2020, the Company entered into the Forbearance Agreement with the AHC. The Forbearance Agreement has now been extended until 31 October 2020 and amended to cover the Relevant Payments.

The vessels that are on charter continue to operate as normal and it is business as usual for the Group’s
operations.

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