The Clarification and Supplement to the Announcement of 16 May 2024 - Integretrans
May 20th, 2024

The Clarification and Supplement to the Announcement of 16 May 2024

Integre Trans UAB, legal entity code 301888546 (the “Issuer” or the “Company“), hereby publishes the following announcement clarifying and supplementing the Issuer’s announcement of 16 May 2024 on the material event as published through the Nasdaq Information System.

On 16 May 2024, the Issuer announced its intention to initiate its restructuring proceedings.

As a result of market changes and the volatile geopolitical situation, the Issuer has encountered financial difficulties.

Given the extent of the financial difficulties faced by the Issuer and the Issuer’s belief that it is viable, i.e. that it will be able to meet its obligations in the future through the continuation of the Issuer’s business activities, the Issuer has taken the decision to initiate restructuring proceedings, the initial stage of which will be to inform its creditors, including, without limitation, the holders of the Issuer’s outstanding bonds (ISIN number LT0000407553), and to discuss the situation with them.

As prescribed by law, the Issuer has begun to approach all its creditors by way of notices, offering to cooperate and enter into assistance agreements to help the Company resolve its current financial difficulties. The bondholders will be informed through the trustee, Audifina UAB. The Issuer has foreseen 15 days for this stage of negotiations with creditors.

Only after the expiry of the aforementioned 15-day period, after assessing the sufficiency of the agreements reached with the creditors, will the Issuer take a decision on the further course of the restructuring, i.e. on the need to apply to the court for the opening of a Company’s restructuring proceedings.

If there is a need to apply the court and the court agrees to open restructuring proceedings against the Issuer, the Company will take various measures during the restructuring in accordance with the court-approved restructuring plan and will continue its operations (as envisaged in the restructuring plan) with a view to preserving the viability of the Company by making the current payments to creditors as set out in the plan out of the proceeds of its operations, and by gradually, with the help and support of its creditors, overcoming its financial difficulties.

The Issuer notes that according to the law the duration of the implementation of the restructuring plan cannot exceed 4 years from the date of the court ruling approving the restructuring plan. The court may extend the duration of the restructuring plan once, but not for more than 1 year. It is difficult to assess at this stage how long the Issuer may need to implement the restructuring plan, but the Company will make every effort to keep this period as short as possible.

The Issuer draws the attention of the bondholders to the fact that the accrued interest on the bonds has been paid on time on 5 May 2024. The Issuer cannot guarantee that it will have sufficient funds for the next coupon payment on 5 November 2024 or that it will be in a position to make the payments due to the limitations applicable during the restructuring proceedings. It is a position of the Company, that the Company will provide further information on the circumstances related to the payment of interest as the interest payment date approaches.

The Issuer, believing that the difficulties it has encountered are temporary and resolvable, will continue to ensure transparency throughout the process, providing creditors with regular information as required and answering questions as they arise, while at the same time counting on the support of its creditors, until the best possible solution to the situation is found and achieved.


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