Lauritz.com reaches agreement that amends bondholder-approved proposal

By Caroline Salls

Pittsburgh, June 10 – Lauritz.com A/S, Bengt Sundström and holders of roughly 37% of Lauritz.com’s corporate bonds have agreed on a proposal that incorporates previously announced transactions and amends a proposal adopted by bondholders on Feb. 25, according to a news release.

Bondholders will vote on the amended proposal though a written process that will end on June 28.

Lauritz.com said Chateau Group companies will be permitted to obtain loans up to a maximum amount of €500,000 under the amended proposal, up from €100,000. There will be no restrictions on the type of lender from which loans can be obtained.

As long as the bond terms are complied with, Ejendomsselskabet Blixtz A/S may repay existing debts to Blixtz Holding A/S with an amount of up to DKK 2 million per calendar year.

Chateau securities being provided by Bengt Sundström will be subject to a cap of €10 million, plus costs, expenses and fees incurred in connection with the realization or enforcement of the Chateau securities.

If a Chateau Group company has obtained a loan from a direct or indirect shareholder, that loan will not be covered by a prohibition against repayment of shareholder loans.

The Lauritz.com group will not be subject to restrictions on the type of lenders from which they may obtain loans.

The company said the amended proposal is expected to take effect on July 1 or soon after.

Lauritz.com operates online auction services through its trading platform based in Soborg, Denmark.

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